Likes ReceivedCopper prices continue to rise, with the supply side hit by multiple shocks! Industrial Nonferrous ETF WanJia (560860) surged nearly 4%, marking a three-day winning streak.
On July 23, the three major A-share indices showed mixed performance, with the industrial metals sector maintaining its strong momentum, leading gains in lead, zinc, nickel, and other directions. In the futures market, Shanghai zinc and Shanghai lead both rose by over 1%, followed by increases in Shanghai aluminum and Shanghai nickel. In Asian early trading, copper prices climbed. The London Metal Exchange (LME) three-month copper contract rose 0.2%, reporting at $13,831.00 per ton.
As of 11:04, the popular ETF—Industrial Nonferrous Metals ETF Wanjia (560860)—surged 3.74%, aiming for a third consecutive day of gains, with intraday turnover reaching 322 million yuan; among constituent stocks, Nanshan Aluminum hit the daily limit up, Yunnan Aluminum rose 6.92%, Tianshan Aluminum rose 6.8%, Western Mining rose 6.27%, Shenhuo Shares rose 5.96%, while Zhongwu High-Tech fell 0.67%.
As of the previous trading day, the fund recorded a net inflow of 75.851 million yuan over the past week and a cumulative net inflow of 6.689 billion yuan over the past year; it received a net margin buy-in of 39.4813 million yuan in the past week, ranking first among similar ETFs.
Regarding copper prices, multiple supply shocks are driving copper into a new upward channel. On the news front, Chile, the world's largest copper producer, recently suffered from severe winter storms, causing some copper mines to adjust operations due to heavy rain, snow, and strong winds, making it highly likely that copper mine output will continue to decline. At the beginning of the year, the market expected global copper mine incremental output of 300,000-400,000 tons in 2026, but this may now be only around 100,000+ tons, potentially widening the supply-demand gap from 230,000 tons last year to 500,000 tons. Meanwhile, spot copper concentrate processing fees (TC) have plummeted to an extreme historical low of -$125 per ton. On the inventory side, China's current social copper inventory (including bonded zones) has dropped to 178,000 tons. Even during the off-season in mid-to-late July, destocking continues, with cash premiums exceeding 400 yuan per ton, and the futures backwardation structure continues to expand.
Guojin Securities recently released research on the non-ferrous metals industry, showing that China's actual copper demand increased by 13% year-on-year in June, with apparent demand rising by 12%; aluminum apparent demand grew by 8% year-on-year, aluminum material exports surged by 41% year-on-year, and aluminum product exports increased by 39%.
With escalating mutual strikes between the US and Iran and renewed shipping risks in the Red Sea, export channels for aluminum products and copper concentrates from the Middle East (such as Saudi Arabia, UAE, etc.) are under pressure, posing disturbances to the global non-ferrous metal logistics chain. Route diversions will lengthen transportation cycles, increase shipping insurance premiums and freight costs, thereby forming a phased impact on metal supply.
The Industrial Nonferrous Metals ETF Wanjia (560860) closely tracks the CSI Industrial Nonferrous Metals Theme Index, covering leading strategic resources such as copper, aluminum, rare earths, tungsten-molybdenum, gold, cobalt-nickel, titanium, lead-zinc, etc. This index integrates "industrial backbone" (copper and aluminum) and the "king of new materials" (rare earths, cobalt-nickel). Among them, aluminum varieties benefit more from tightening global supply, serving as an efficient tool for precisely capturing trends in the industrial non-ferrous metals sector.
Data shows that the latest scale of the Industrial Nonferrous Metals ETF Wanjia (560860) reached 8.328 billion yuan, ranking first among similar ETFs tracking the CSI Industrial Nonferrous Metals Theme Index. (Wind, as of July 22, 2026), providing investors with a one-stop efficient solution for layout in this field. Off-exchange investors can use feeder funds (Class A: 018489; Class C: 018490) to capitalize on the resonance opportunities of the large non-ferrous cycle and event-driven factors.
(Funds involve risks; investment requires caution.)
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