Sou Hu Cai Jing·2026-01-26 02:07Core Viewpoint - The non-ferrous metal sector has experienced a significant surge, with the Non-Ferrous 50 ETF (159652) rising over 4% and attracting substantial capital inflow, indicating strong investor interest in this sector [1][3]. Market Performance - On January 26, the Non-Ferrous 50 ETF (159652) saw a capital inflow exceeding 70 million CNY within the first 10 minutes of trading, following a total inflow of over 160 million CNY in the previous two days [1]. - Precious metals also saw a collective surge, with spot gold prices surpassing 5000 USD/ounce for the first time, and silver and platinum prices increasing by over 3% and reaching 2800 USD/ounce, respectively [1][3]. Supply Chain Dynamics - A strike at Capstone Copper's Mantoverde copper mine in Chile, involving 645 workers, has contributed to supply concerns, as negotiations have stalled [1]. - The global mining capital expenditure has been historically low, with a 3.3% decline in exploration investments for solid minerals in 2024, indicating potential supply constraints in the future [9]. Economic and Macro Factors - Analysts suggest that central banks' strategic asset allocation is a core support for the current rise in gold prices, with expectations of monthly purchases of 60 tons of gold by central banks [3]. - The weak dollar environment, driven by the Federal Reserve's monetary policy, is expected to boost the prices of dollar-denominated commodities, including non-ferrous metals [7]. Investment Opportunities - The Non-Ferrous 50 ETF (159652) is highlighted for its high copper (34%) and gold (12%) content, making it a leading option for investors looking to capitalize on the non-ferrous metal supercycle [13]. - The ETF's index has shown a cumulative return of 99.61% since 2020, driven by earnings rather than valuation increases, indicating a strong performance outlook [16].