1604 GMT - Recent gains across metal markets have underscored the influence of positioning, leverage and momentum in short-term moves, says Ewa Manthey from ING. Speculative activity on the Shanghai Futures Exchange has risen broadly across metals, shaping global prices through positioning rather than physical arbitrage and amplifying moves on the LME. Regulatory steps have tempered volatility at times but haven't reversed this trend. "Metals markets are undergoing a structural shift--Chinese speculative flows are becoming a defining force in short‑term price discovery," the commodities strategist says. "While longer-term fundamentals still anchor prices, the growing influence of positioning means sharper moves, higher volatility and a greater risk of abrupt corrections as sentiment or policy shifts." (giulia.petroni@wsj.com)

(END) Dow Jones Newswires

February 06, 2026 11:04 ET (16:04 GMT)

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