Group 1 - Trading volume and open interest on China's metals exchanges reached record highs in January, driven by retail investors seeking opportunities in precious and industrial metals [1][3] - Speculators held record-high open interest in base metals such as copper, zinc, nickel, tin, lead, and aluminum, as well as near-record open interest in lithium at the start of 2026 [2] - The surge in speculative trading has led to significant volatility in global metals markets, with analysts noting that positioning and momentum are increasingly influencing price movements [3][6] Group 2 - Chinese regulators have implemented measures to curb speculation, including raising daily price limits and trading margins across various metals on the Shanghai and Guangzhou Futures Exchanges [4] - The Shanghai Futures Exchange reported record trading volumes in aluminum, copper, nickel, and tin futures in January, indicating a strong speculative interest [5] - The influence of China on metals futures markets is growing, with retail investor activity contributing to recent price fluctuations [6][7]