Copper prices maintain high-level volatility, rare earth metals ETFs with "higher copper, aluminum, and rare earth content" from Tianhe continue to reach new highs in scale and shares, attracting strong capital interest

As of 15:00 on March 12, 2026, the CSI Industrial Nonferrous Metals Theme Index (H11059) decreased by 0.20%. The constituent stocks showed mixed performance, with China Shenhua Energy leading the gains at 6.02%, China Aluminum up 5.73%, and China Electric Power Energy up 5.22%; Western Superconducting led the declines at 5.48%, Luoyang Molybdenum down 3.82%, and Xingye Silver Tin down 3.75%. The Tianhong Nonferrous Metals ETF (159157) latest price is 1 yuan. Looking at a longer time frame, as of March 11, 2026, the Tianhong Nonferrous Metals ETF has increased by 0.70% over the past month, ranking 2nd out of 5 comparable funds. (The stocks listed above are only index components and do not constitute specific recommendations.)

In terms of liquidity, the Tianhong Nonferrous Metals ETF had a turnover rate of 6.08% during the trading day, with a transaction volume of 270 million yuan. Over the past year ending March 11, the ETF’s average daily trading volume was 310 million yuan, ranking first among comparable funds.

Regarding size, the latest scale of the Tianhong Nonferrous Metals ETF reached 4.442 billion yuan, a new high since inception, ranking 2nd out of 5 comparable funds. (Data source: Wind)

In terms of shares, the latest share count is 4.434 billion, also a new high since inception, ranking 2nd among comparable funds. (Data source: Wind)

From the perspective of net capital inflow, the ETF has experienced 18 consecutive days of net capital inflow, with the highest single-day inflow reaching 329 million yuan, totaling 3.411 billion yuan in net “fund attraction,” with an average daily net inflow of 189 million yuan. (Data source: Wind)

Overnight, domestic and international copper prices initially declined and then rebounded, maintaining a volatile trend. Currently, copper prices are in a high-range, with JPMorgan Chase projecting that by 2026, copper prices could surge to between $12,000 and $13,500 per ton. Short-term inventory fluctuations do not alter the medium-term tight supply trend, and the continued decline in processing fees (TC/RC) indicates tight raw material supplies, establishing a pattern where copper prices are more likely to rise than fall. For the domestic market, with over 75% of refined copper dependent on imports, supply gaps will directly benefit upstream resource companies and industry leaders, with performance elasticity and valuation potential expanding in tandem.

Huatai Securities pointed out that, regarding copper, rigid supply combined with demand upgrades may gradually tighten the supply-demand balance. On the supply side, global mine projects are limited, and unexpected disruptions tighten raw material supply; on the smelting side, global capacity expansion is highly concentrated in China and Africa, with overseas smelting largely stagnating due to raw material and cost pressures. Overall, the global refined copper production growth rate in 2026 is expected to slow. On the demand side, traditional construction copper remains in a bottoming phase, but new sectors such as power grids, energy storage, and data centers continue to contribute incremental demand. Looking ahead, domestic smelting capacity will continue to be released, and export pressures may lead to a temporarily looser supply-demand situation domestically; globally, with rigid mine supply, a mid- to long-term tight balance may strengthen, but short-term high inventories could suppress prices.

The core advantage of the Tianhong Nonferrous Metals ETF (159157) lies in its precise focus on the industrial nonferrous metals sector, with four major core holdings—copper (34.7%), aluminum (20.2%), rare earths (12.5%), and lead-zinc (7%)—accounting for over 70%, directly aligning with upstream demand in emerging industries such as new energy, AI, and humanoid robots.

In terms of profitability, as of March 11, 2026, the Tianhong Nonferrous Metals ETF has maintained a 100% probability of monthly profit since inception.

Regarding drawdowns, as of March 11, 2026, the maximum drawdown since inception was 9.62%, compared to a benchmark drawdown of 1.04%.

In terms of fees, the ETF’s management fee is 0.50%, and the custody fee is 0.10%, the lowest among comparable funds.

In tracking accuracy, as of March 11, 2026, the ETF’s tracking error over the past month was 0.020%, the highest in tracking precision among comparable funds.

The Tianhong Nonferrous Metals ETF closely tracks the CSI Industrial Nonferrous Metals Theme Index, which selects 30 large-cap listed companies involved in industries such as copper, aluminum, lead-zinc, and rare earth metals as index samples, reflecting the overall performance of industrial nonferrous metals listed companies.

Data shows that as of February 27, 2026, the top ten holdings of the CSI Industrial Nonferrous Metals Theme Index (H11059) are Luoyang Molybdenum, Northern Rare Earth, China Aluminum, Xingye Silver Tin, Xiamen Tungsten, Yunnan Aluminum, Tongling Nonferrous Metals, China Tungsten High-tech, Jiangxi Copper, and Western Mining, with the top ten holdings accounting for 54.37%. (The stocks listed above are only index components and do not constitute specific recommendations.)

The Tianhong Nonferrous Metals ETF (159157) is connected via the over-the-counter market (Tianhong CSI Industrial Nonferrous Metals Theme ETF Launch Connection A: 017192; Tianhong CSI Industrial Nonferrous Metals Theme ETF Launch Connection C: 017193).