Market Barometer: Resource Stocks Surge Across the Board, Gold and Nonferrous Metals ETFs Lead Gains

Introduction

Driven by global economic recovery and rising inflation expectations, resource assets have recently been performing strongly. As of 09:31 on June 12, 2026, the Shanghai-Shenzhen-Hong Kong Stock Connect market saw a powerful rally in resource stocks, with gold- and nonferrous-metals-related ETFs standing out in particular. Tianhong Gold ETF (159830) gapped higher at the open, with turnover expanding rapidly, showing strong market appetite for safe-haven assets. At the same time, Tianhong Nonferrous Metals ETF (159157) opened higher and moved up further, with turnover of 2.9115 million yuan. The CSI Industrial Nonferrous Metals Theme Index (H11059) that it tracks rose 2.68%, with constituent stocks Jinduicheng Molybdenum and Hailiang Shares both hitting the 10% limit up, while Luoyang Molybdenum, Chihong Zn&Ge, Xingye Silver & Tin and others also advanced. This article will take a deep look at the macro backdrop, sector performance, and outlook for this round of resource-stock strength.

Market Moves: Gold and Nonferrous Metals Both Strong

Shortly after the open on this trading day, Tianhong Gold ETF (159830) showed strong momentum. The fund gapped higher at the open, and turnover quickly expanded, reflecting the market's continuing rise in demand for gold as a safe haven. The reasons are twofold: on the one hand, recent geopolitical tensions around the world have intensified; on the other, expectations for loose monetary policy in major economies have provided support. As a traditional safe-haven asset, gold tends to attract capital when market uncertainty rises.

Moving in step with the gold ETF was Tianhong Nonferrous Metals ETF (159157). The CSI Industrial Nonferrous Metals Theme Index (H11059) it tracks rose 2.68% soon after the open, reaching a recent high. Among its constituents, Jinduicheng Molybdenum and Hailiang Shares both posted 10% limit-up gains, Luoyang Molybdenum rose 6.16%, and stocks such as Chihong Zn&Ge and Xingye Silver & Tin also traded actively. The scorecard shows that the nonferrous metals sector is in a full-blown breakout phase.

Macro Backdrop: Multiple Factors Are Driving Resource Prices Higher

Stronger Expectations for Global Economic Recovery

From a macro perspective, after the earlier adjustments, recent economic data from major economies have generally come in better than expected. Manufacturing PMIs have moved back into expansion territory, industrial production has continued to recover, and actual demand for base metals has been boosted. In particular, faster infrastructure spending in emerging markets and the gradual rollout of reshoring policies in developed economies have injected new growth momentum into the nonferrous metals market.

Inflation Pressure and the Monetary Policy Game

Meanwhile, major economies continue to face inflation pressure. Although some central banks have begun tightening policy, the market remains unconvinced that inflation can be brought fully under control. In this environment, the appeal of safe-haven assets such as gold has risen further. At the same time, the lagged effects of easy money are still working through the system, and the abundant-liquidity backdrop is unlikely to change fundamentally in the short term, which also supports resource prices.

Persistent Supply-Side Disruptions

On the supply side, labor shortages, stricter environmental regulation, and geopolitical risks in some regions continue to constrain the supply of mineral resources. Taking molybdenum as an example, output from major global molybdenum producers has recently declined due to policy adjustments, pushing molybdenum prices sharply higher, which is also