Today (May 13), the nonferrous metals sector showed active performance against the broader market trend. The largest ETF by size tracking the corresponding underlying index*, Huabao Nonferrous Metals ETF (159876), saw its on-exchange price rise by 1.4%. Over a longer period, its underlying index has accumulated a gain of 20.31% since the start of the current market cycle on March 24, significantly outperforming major indices such as the Shanghai Composite Index (up 10.52%) and the CSI 300 Index (up 12.00%).
Statistical data period: March 24, 2026 to May 12, 2026. The annual performance of the CSI Nonferrous Metals Index over the last five complete years is as follows: 2021, +35.89%; 2022, -19.22%; 2023, -10.43%; 2024, +2.96%; 2025, +91.67%. The composition of the index's constituent stocks is adjusted according to its compilation rules, and its historical back-tested performance does not indicate its future results.
Regarding constituent stocks, leading copper companies led the gains significantly. Jintian Copper rose over 5%, as did North Copper. China Molybdenum Co., Ltd. (CMOC) gained more than 3%, and Jiangxi Copper Company Limited rose over 2%. Additionally, leading molybdenum company Jinduicheng Molybdenum Co., Ltd. surged more than 3%, while leading aluminum companies Tianshan Aluminum Group Co., Ltd. and Nanshan Aluminum Co., Ltd. both advanced over 2%.
On the industrial front, on May 12, LME copper broke above $14,000 per ton, with the latest quote at $14,004.54 per ton, representing a daily increase of 0.44% and nearing historical highs. Minmetals Futures believes that although Middle East conflicts have been fluctuating, progress in US-Iran negotiations and the strong rally in US tech stocks provide solid support for copper prices. Coupled with declining refined copper inventories in China, expectations of strengthened US tariffs, and an intensifying tight supply situation for overseas copper mines, supply and demand are expected to remain in a tight balance. Overall, copper prices are anticipated to maintain a strong, albeit volatile, trajectory.
In terms of corporate performance, the nonferrous metals industry has delivered an impressive report card. Taking the 60 constituent stocks of Huabao Nonferrous Metals ETF (159876) as an example, 59 of them reported profits. Eighty percent of the stocks achieved double-digit year-on-year growth in net profit attributable to the parent company, with 22 stocks even posting triple-digit surges in this metric! Against a backdrop of macroeconomic pressure coexisting with structural opportunities within the industry, the overall profitability of the sector has improved markedly. Certain segments have seen their outlooks upgraded by international investment banks, and policy support for strategic minerals like rare earths has also garnered significant market attention.
CITIC Securities points out that in 2025 and the first quarter of 2026, earnings growth in the nonferrous metals sector generally accelerated. Tungsten, lithium, lead-zinc, and rare earth magnetic materials led the gains, while aluminum, copper, nickel-cobalt-tin-antimony, and gold have shown relatively weaker performance since the beginning of the year. Current valuations for the metals sector remain at reasonable levels, with aluminum, copper, nickel-cobalt-tin-antimony, and gold valuations at relatively low points, suggesting potential for valuation recovery. Looking ahead to 2026, with easing liquidity shocks, frequent supply disruptions, and sustained high demand in certain downstream sectors, it is recommended to maintain focus on allocation opportunities in lithium, copper, rare earths, strategic metals, aluminum, and gold.
[Nonferrous Metals Tailwind Arrives, "Supercycle" Momentum Unstoppable] Huabao Nonferrous Metals ETF (159876) and its linked funds (Class A: 017140, Class C: 017141) track an index that comprehensively covers industries such as copper, aluminum, gold, rare earths, and lithium. It encompasses different market cycles including precious metals (safe-haven), strategic metals (growth), and industrial metals (recovery). This full-category coverage allows for better capture of the sector's beta trends. Simultaneously, this ETF is a margin trading and securities lending target, making it an efficient tool for a one-click allocation to the nonferrous metals sector.
As of the end of April, Huabao Nonferrous Metals ETF (159876) had a latest size of 1.865 billion yuan. Among the three ETF products in the entire market tracking the same underlying index, this ETF is the largest by size.
Note: The previous on-exchange abbreviation for Huabao Nonferrous Metals ETF (159876) was Leading Nonferrous Metals ETF. Risk Disclosure: Huabao Nonferrous Metals ETF passively tracks the CSI Nonferrous Metals Index. The base date of this index is December 31, 2013, and it was officially launched on July 13, 2015. The composition of the index's constituent stocks is adjusted according to its compilation rules, and its historical back-tested performance does not indicate its future results. The constituent stocks mentioned in this article are for illustrative purposes only. Descriptions of individual stocks do not constitute investment advice in any form, nor do they represent the holdings information or trading动向 of any fund managed by the fund manager. The fund manager assesses this fund's risk rating as R3 - Medium Risk, suitable for Balanced (C3) and above investors. Please refer to the sales institution for the final suitability matching opinion. Any information appearing in this article (including but not limited to individual stocks,评论, forecasts, charts, indicators, theories, any form of表述, etc.) is for reference only. Investors must be responsible for any independent investment decisions. Furthermore, any views, analysis, or forecasts in this article do not constitute investment advice of any form to the reader, and no responsibility is assumed for any direct or indirect losses arising from the use of this content. Fund investment carries risks. The past performance of a fund does not represent its future performance. The performance of other funds managed by the fund manager does not guarantee the performance of this fund. Invest in funds with caution.
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