On August 26, the A-share non-ferrous metals sector experienced another collective surge. Baiyin Nonferrous quickly hit its daily limit shortly after market open, with block orders peaking at 1.69 million lots, equivalent to a staggering 1.227 billion yuan. As of the time of writing, turnover had reached 3.51 billion yuan. This marks the stock's third limit-up in the past four trading sessions, underscoring its remarkable strength.
Data shows that margin financing for Baiyin Nonferrous has skyrocketed, with 334 million yuan in margin buys on August 25. The stock's current margin balance stands at 615 million yuan, accounting for 1.26% of its float market cap, exceeding the 90th percentile level historically. Beyond Baiyin Nonferrous, the entire copper sub-sector erupted, with capital inflows visibly accelerating.
The mega-cap giant Jiangxi Copper also hit its daily limit at 9:50 AM, closing at 48.57 yuan, with block orders of nearly 225,000 lots, equivalent to 1.093 billion yuan. Within the sector, Jingyi Co and Jincheng Mining also sealed limit-ups, Western Mining rose over 8%, Yunnan Copper and Hunan Silver gained more than 6%, Zijin Mining climbed nearly 4%, and Luoyang Molybdenum advanced close to 6%.
The direct catalyst behind the sharp rally in metal stocks is the release of interim earnings reports. On the evening of August 25, multiple non-ferrous companies disclosed their semi-annual results: Jiangxi Copper reported H1 revenue of 307.155 billion yuan, up 19.53% year-on-year, with net profit attributable to shareholders of 8.632 billion yuan, a substantial 106.77% increase. Among the 22 non-ferrous constituent stocks that have published interim reports, 21 saw positive revenue growth, 20 reported year-on-year profit increases, and 10 posted profit growth exceeding 100%.
According to public data, Baiyin Nonferrous operates across the full industry chain—mining, beneficiation, smelting, and processing—for multiple metals including copper, zinc, lead, gold, and silver. Its annual production capacity includes 400,000 tonnes of copper, 400,000 tonnes of lead and zinc, 50 tonnes of gold, and 800 tonnes of silver. In Q1 of this year, the company generated revenue of 19.582 billion yuan, up 8.22% year-on-year, with net profit attributable to shareholders of 150 million yuan, a massive 440% increase. Its July profit alert projected H1 net profit between 64 million and 95 million yuan, successfully reversing the 217 million yuan loss from the same period last year. The combination of an earnings turnaround and rising silver prices gives this rally solid fundamental backing.
The broader backdrop for the metals sector lies in the surge of international precious metals markets. Since August, silver prices have climbed over 19%, while gold has risen 15%, together adding nearly 5 trillion US dollars in market value. Silver outperforming gold is no coincidence—since August, the US Treasury crisis has directly fueled market concerns, forcing capital to seek safe-haven assets, triggering large-scale short covering and speculative buying in precious metals. Meanwhile, escalating geopolitical tensions in the Middle East have intensified worries, further reinforcing the safe-haven narrative.
Silver carries an additional "industrial attribute" compared to gold—AI data center construction, power grid upgrades, and solar installations are all consuming silver inventories at a pace exceeding global mine output. Physical supply shortages have persisted for the sixth consecutive year, while industrial demand continues to accelerate. With these dual attributes resonating, silver's elasticity naturally exceeds that of gold.
On the copper front, LME and COMEX copper have posted four consecutive gains, with the LME spot copper price trading at a significant premium of 156 USD per tonne over the three-month futures price, signaling a notable tightening in near-term physical supply. Expectations of potential US copper tariffs have triggered cross-regional inventory reallocation, coupled with structural demand from domestic power grid investment and AI computing infrastructure, keeping the copper supply-demand balance persistently tight. Everbright Securities has previously stated clearly that the tight supply-demand contradiction for copper in 2026 remains unchanged, and it continues to favor an upward trajectory for copper prices.
In simple terms, earnings realization, price appreciation, and tight supply-demand dynamics—three logics converging simultaneously—give the metals sector rally both substance and staying power. As for whether silver prices can hold above 69 USD or how long copper's physical tightness will persist, time will tell. However, one thing is certain: amid the broader trend of rising resource price centers, the high operating leverage of upstream mining companies is converting price increases into real, tangible profits.