Nonferrous metals stocks outperformed in Hong Kong's market. As of press time, CHALIECO (02068) rose 11.39% to HK$2.64, JIAXIN INTL RES (03858) surged 13.17% to HK$48.82, CHINAGOLDINTL (02099) gained 7.26% to HK$162.6, and CHINFMINING (01258) climbed 6.68% to HK$15.33.

The rally follows a broad-based surge in precious and industrial metals on December 22. Spot gold hit a record high above $4,400 per ounce, while silver breached $68 per ounce, also setting a new peak. Platinum futures on the Guangzhou Futures Exchange hit limit-up, and LME copper prices soared to near $12,000 per ton. Domestically, tungsten prices surged 217.5% year-to-date to 454,000 yuan per metric ton.

CITIC Securities noted that U.S. demand is draining global inventories, tightening supply for silver and copper—pushing prices to historic highs. Tin prices also hit annual peaks amid persistent supply concerns, while aluminum continues testing higher price levels. The firm emphasized that the supply-driven bull market for base metals remains intact.

Oriental Securities suggested that as commodity prices keep breaking records, expectations for mid-term gains in gold, copper, aluminum, and iron will strengthen, recommending investors focus on related sector opportunities.