LME copper reaches a ten-year high! The only ETF in the non-ferrous metals sector with a scale of over 10 billion yuan (512400) rises by 1.3%, recording net inflows for five consecutive days.

Gelonghui December 4th | Today, non-ferrous metal stocks in China's A-share market continued to rise. Among them, Yunnan Tin Co., Ltd. surged by 6%, Western Mining Co., Ltd. rose over 5%, and the Non-Ferrous Metals ETF (512400) increased by 1.3%, expanding its year-to-date gains to 82%. This ETF has seen net inflows for five consecutive days, with a total net inflow of 325 million yuan. In terms of news, influenced by the weakening of the US dollar, supply concerns, and tight inventories in LME registered warehouses, the price of copper on the London Metal Exchange (LME) reached $11,540 per ton on Wednesday, hitting the highest level since 2013. The main contract of Shanghai copper futures broke through the 90,000 yuan/ton mark, setting a new historical record. The Non-Ferrous Metals ETF is currently the only ETF in the entire market that tracks the CSI Shenwan Non-Ferrous Metals Index, with the latest scale of 16.2 billion yuan. The index covers core targets across the entire industrial chain including copper, aluminum, lithium, rare earths, and gold, with key allocations to Zijin Mining, Northern Rare Earth, Luoyang Molybdenum, Huayou Cobalt, and Chalco. The off-exchange fund products are linked to A (004432)\C (004433). Tongguan Jinyuan Futures recently pointed out that as the premium for US copper rises, refined copper is flowing back to North America, and supply remains tight in non-American regions. Overseas disrupted mines have significantly lowered production guidance for this year and next, while expectations of a Fed rate cut in December have rapidly rebounded, fueling bullish sentiment. Fundamentally, the global refined ore shortage persists, inventory levels remain low in non-American areas, and the artificial intelligence sector offers broad demand prospects, suggesting that copper prices will likely open up upward space in the short term.