Energy metals are leading the charge, while silver prices have experienced a substantial surge—this is the latest from the nonferrous metals industry biweekly report.
Reviewing the market performance: Over the past two weeks, the Shenwan nonferrous metals index has climbed by 0.99%. During the recent two-week period (December 8, 2025, to December 19, 2025), the nonferrous metals industry index rose by 0.99%, outperforming the CSI 300 Index and ranking 7th among the 31 primary Shenwan industries. Energy metals (+5.58%), new metal materials (+0.88%), precious metals (+2.19%), and minor metals (+4.07%) all recorded gains to varying degrees. Metal prices: Energy metals lead the pack, and silver prices post a significant increase. As of December 19, the COMEX gold closing price stood at $4,369.70 per ounce, marking a 3.34% increase over the past two weeks; the Shanghai gold closing price was 979.90 yuan per gram, up 1.96% over the same period. The COMEX silver closing price reached $67.40 per ounce, surging 14.62% in the last two weeks; the LME copper spot settlement price was $11,845.00 per tonne, rising 1.72%; the LME aluminum spot settlement price was $2,896 per tonne, up 1.08%; the price of wolframite concentrate (≥65%) was 429,000 yuan per tonne, jumping 21.88%; the LME tin price was $42,975 per tonne, increasing 6.97%; as of the close on December 19, the China Rare Earth Price Index was reported at 209.37, down 1.82% over the two weeks. In the light rare earths segment, the closing price for praseodymium-neodymium oxide was 574,000 yuan per tonne, falling 1.54%; the closing price for lanthanum oxide was 4,500 yuan per tonne, remaining unchanged; the closing price for cerium oxide was 11,500 yuan per tonne, also holding steady. For medium and heavy rare earths, the closing price for dysprosium oxide was 1,350 yuan per kilogram, declining 4.26%; the closing price for terbium oxide was 6,110 yuan per kilogram, dropping 5.08%. The average price of electrolytic cobalt was 413,500 yuan per tonne, unchanged over the period, while the average price of cobalt sulfate (≥20.5%) was 90,450 yuan per tonne, increasing 2.20%; the average price of lithium carbonate (99.5% battery grade, domestic) was 97,650 yuan per tonne, rising 4.72%; the average price of lithium iron phosphate (mid-range power type) was 39,100.00 yuan per tonne, remaining flat; the average price of ternary materials (523/single crystal power type) was 146,500 yuan per tonne, up 1.45%; the average price of lithium cobalt oxide (60%, 4.4V/domestic) was 346,100 yuan per tonne, increasing 0.61%. Important announcements: Aluminum Corporation of China Limited (Chalco) discloses progress on capital increase for Yunnan Aluminum Foil. On December 15, 2025, Aluminum Corporation of China Limited (Chalco) disclosed that the company had completed a capital increase for Yunnan Aluminum Foil. The funds from this capital increase will be specifically allocated to invest in and construct a high-precision aluminum plate, strip, and foil project in the Yunnan region, aimed directly at serving the rapidly growing demand from the lithium-ion battery and sodium-ion battery industries. The capital increase amount is 906.45 million yuan. Leveraging Yunnan's abundant green aluminum and power resources, Yunnan Aluminum Foil will accelerate the construction of modern, green, low-carbon production lines, further serve battery industry clusters in regions like Yunnan, Guizhou, Sichuan, and Chongqing, and expand into Southeast Asian markets along the "Belt and Road" initiative. For December, market participants should monitor the impact following the Federal Reserve's potential interest rate cut policy. Attention is also required on geopolitical developments and export policy changes in major overseas resource countries, as well as the strength of the recovery in domestic downstream demand. It is recommended to focus on investment opportunities along the dual mainlines of "resources + growth." Key risks include macroeconomic uncertainties, potential changes in nonferrous metals policies, shifts in market supply and demand, and intensifying competition. This report is excerpted from the biweekly report titled "Energy Metals Lead the Way, Silver Prices Surge Significantly - Nonferrous Metals Industry Biweekly Report" released by Guoyuan Securities on December 26, 2025. For the specific report and detailed analysis, please refer to the full report. In case of any ambiguity arising from the excerpting of the report, the complete content as of the report's release date shall prevail.
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