From January 19th to 25th, 2026, the non-ferrous metals commodity market continued its strong performance, with precious metals leading the gains and industrial metals showing structural strength.

From January 19th to 25th, 2026, SunSirs' Non-ferrous Metals Industry Index rose by 3.98% to 1,775 points. In the commodity price change ranking, 11 non-ferrous metals commodities saw a month-on-month increase, with 3 commodities experiencing a price increase of over 5%, accounting for 13.6% of the monitored commodities in this sector. The top three commodities with the highest price increases were tin (8.57%), silver (7.83%), and gold (5.31%). The average weekly price change was 1.08%.

Last week, precious metals gold and silver were driven by both their "financial and industrial attributes," resulting in price breakthroughs and market enthusiasm reaching new highs in recent years.

Gold: Approaching the $5,000 mark, driven by a combination of safe-haven demand and expectations of monetary easing.

Both physical consumption and investment demand for gold surged. Domestic leading gold retailers had seen gold prices collectively break through the 1,500 RMB/gram mark. This surge was driven by a combination of strong consumer demand ahead of the Lunar New Year and increased demand for safe-haven assets. The world's largest gold ETF (SPDR Gold Trust) added a net 18.3 tons last week, bringing its total holdings to 1,086.53 tons, a new high in over two years; COMEX gold non-commercial net long positions also reached a new historical record, indicating a continued strengthening of capital inflows.

Furthermore, escalating geopolitical risks (such as the political instability in Venezuela and the competition for resources in Greenland) were driving up demand for safe-haven assets. The continuation of the Federal Reserve's interest rate cutting cycle and the weakening of the dollar's credibility were leading to lower real interest rates. Coupled with the projected trend of global central banks accumulating a net 297 tons of gold by 2025, these three factors provided strong support, propelling gold prices into a medium-to-long-term upward trend.

Silver: Surging industrial demand led to price gains, outperforming other precious metals

Silver was the best-performing commodity last week, benefiting from both its safe-haven and industrial properties, with its price increase significantly outpacing gold. London spot silver prices continued their surge, breaking through the $94 and $95 per ounce levels during the week, reaching a high of $96.2 per ounce, representing a year-to-date increase of over 26%; domestic spot silver prices saw an even more dramatic year-on-year increase of 201.07%, with Shanghai silver futures contracts also reaching a new historical high, exhibiting significantly increased volatility and investor interest.

The core driving force stems from the continuous intensification of supply and demand imbalances: on the demand side, emerging industries such as photovoltaic components, electric vehicles, and AI data centers were experiencing explosive growth in their essential demand for silver, becoming the core source of incremental demand in the medium and long term; on the supply side, China implemented export controls on silver starting January 1, 2026, with only 44 companies receiving export licenses. Given that China controls over 60% of the world's silver refining capacity, these export restrictions directly led to a dramatic drop in global supply. Furthermore, the dual influx of safe-haven capital and industrial demand capital had further amplified the upward momentum of silver prices, making it the "leading performer" in this round of the metal bull market.

Last week, industrial metal tin saw its price rise due to factors such as anticipated demand from the semiconductor sector and tightening supply. Strategic commodities like copper, aluminum, and nickel maintained high price levels supported by supply and demand constraints and strategic stockpiling.

Tin: Last week, tin prices continued their strong upward trend, with the LME tin three-month contract leading the gains among base metals, rising by 1.66% in a single day on January 19th to close at US$48,500 per ton. Domestic Shanghai tin prices briefly surpassed the 440,000 RMB/ton mark, with a cumulative increase of over 35% this month.

On the supply side, Indonesia's tin production quota for 2026 is approximately 60,000 tons, far below market expectations of 70,000-80,000 tons. Coupled with the country's crackdown on illegal mining and strengthened centralized export management policies, global tin supply continues to tighten. On the demand side, demand from the semiconductor and electronic components industries was recovering, and this was further amplified by increased demand from the new energy industry. This supply-demand imbalance was further reinforced, supporting high tin prices.

Copper: Strategic stockpiling and supply-demand mismatch led to high price volatility.

Copper prices remained high last week, with the LME copper three-month contract fluctuating around $12,900 per ton, and the Shanghai copper futures contract approaching 102,000 RMB/ton. By 2025, the United States, through measures such as imposing tariffs and policy guidance, had accumulated over 40% of the global copper inventory, while stockpiling by major consuming countries like China further exacerbated regional imbalances in global supply and demand, driving prices higher. Although there was short-term pressure from profit-taking, the medium-to-long-term supply-demand gap and the strategic importance of copper will continue to support upward price movements.

Outlook for the non-ferrous metals market

Overall, it is expected that the metals market will maintain a high-level volatile pattern in the short term. In the precious metals sector, gold and silver still have upward momentum supported by fundamentals, but they are approaching key resistance levels in the short term, increasing the risk of volatility; in the industrial metals sector, strategic commodities such as copper, tin, and aluminum are supported by supply-demand imbalances and strategic considerations, limiting the potential for significant pullbacks.

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