Xin Lang Cai Jing·2026-02-24 03:12Core Viewpoint - The article highlights the strong performance of the non-ferrous metal ETF (512400) and the underlying factors driving market sentiment, including U.S. tariff policy changes, geopolitical tensions, and macroeconomic data affecting interest rate expectations [1][2]. Group 1: Market Performance - The non-ferrous metal ETF (512400) increased by 3.69%, with a trading volume of 8.02 billion yuan and a turnover rate of 2.13% [1]. - Key stocks in the index, such as silver and platinum, saw significant gains, with silver rising by 10.03%, platinum by 8.23%, and Tongling Nonferrous Metals by 7.80% [1]. Group 2: Influencing Factors - The reversal of U.S. tariff policies, following a Supreme Court ruling, has led to increased market uncertainty, with tariffs raised from 10% to 15% on global goods [1]. - Geopolitical tensions between the U.S. and Iran have heightened global risk aversion, contributing to a shift in market sentiment [1]. - Strong employment data in the U.S. and hawkish comments from Federal Reserve officials have delayed interest rate cut expectations from June to July [1]. Group 3: Sector Analysis - Precious Metals Sector: The geopolitical tensions and tariff policy fluctuations have significantly increased market risk aversion and policy uncertainty premiums. Silver faces delivery concerns due to low inventory levels, while macroeconomic uncertainties support long-term investment value in precious metals [2]. - Industrial Metals Sector: This sector is currently in a phase of competition between macro expectations and seasonal fundamentals. Copper is supported by low terminal inventories, while aluminum faces temporary inventory pressures due to holiday shutdowns [2]. - New Energy and Minor Metals Sector: This sector is experiencing subdued trading activity due to holiday effects. Lithium prices are active, while nickel is supported by supply constraints from Indonesia. The rare earth market is seeing reduced demand, but financial attributes may increase price volatility in the future [3]. Group 4: ETF Overview - The non-ferrous metal ETF (512400) closely tracks the Zhongzheng Shenwan Non-ferrous Metal Index, which includes 50 listed companies to reflect the overall performance of the non-ferrous metal industry in the Shanghai and Shenzhen markets [3]. - The top ten weighted stocks in the index include Zijin Mining, Luoyang Molybdenum, Northern Rare Earth, and others [3].