Spot gold and LME copper rallied in tandem Wednesday, keeping the A-share nonferrous metals sector in high gear. Hunan Gold Corporation Limited hit its daily upside limit, Chujiang New Materials climbed more than 7%, and names like Tianshan Aluminum and China Uranium followed suit. The Nonferrous Metals ETF Huabao (159876), which tracks the sector's leading players, pushed higher twice during the session, peaking at 1.75% before closing up 1.58%—securing a third consecutive daily gain.

On the macro front, the much-anticipated details of Bessent's market rescue playbook are set to be unveiled tonight. At 23:00 Beijing time, the U.S. Treasury is expected to announce the specific scale of its September 10 bond buyback program, covering ten-year to twenty-year maturities. This marks the first concrete operation since the Treasury declared on August 19 that it would "at least double" its long-dated debt repurchase size. Looking back at that announcement, long-end yields dropped sharply, the dollar weakened, and spot gold rebounded strongly by 4.35%, reclaiming the $4,500 per ounce level.

Huabao Fund believes that with high fiscal leverage and weakening economic resilience, the U.S. is unlikely to escape the cycle of loose fiscal and loose monetary policy. The dollar's creditworthiness faces sustained dilution over the long term, which provides solid macro support for real assets, particularly nonferrous metals.

Breaking down the sub-sectors, spot gold rose over 1% to reclaim the $4,400 mark, snapping a three-day losing streak. Shenwan Futures noted that over the medium to long term, the repricing of U.S. Treasury credit risk is driving the "de-dollarization" trend forward, and global central banks continue their gold-buying spree. The People's Bank of China has now purchased gold for 22 consecutive months. Combined with recurring geopolitical risks, this builds a solid floor under gold prices, giving the precious metal's long-term price center a solid foundation for further upward movement.

In copper, LME prices broke through $14,700 per tonne on Tuesday, setting another all-time high. Tariff uncertainty appears to be the biggest bullish factor for copper. Market consensus suggests the U.S. Commerce Department will eventually include refined copper in its tariff scope. To hedge against potential tariff costs, global copper traders have been aggressively stockpiling—U.S. refined copper imports alone surpassed 200,000 tonnes in a single month in July 2026, the highest in 12 years—tightening spot supply in other regions and driving prices up amid short-term supply imbalances.

The current nonferrous metals market shows a divergence between commodities and equities: commodity prices keep hitting record highs while the equity side remains relatively subdued. Huabao Fund points out that commodities have already proven supply-demand tightness through pricing, and the lag in the equity side may be more of an emotional overreaction. As macro uncertainties gradually settle, fundamentals will eventually reassert their dominance in pricing. The firm recommends focusing on nonferrous metals companies with strong interim earnings.

In the era of computing power, nonferrous metals build the foundation. The Nonferrous Metals ETF Huabao (159876) and its feeder funds (Class A: 017140, Class C: 017141) track an index that comprehensively covers copper, aluminum, rare earths, gold, lithium, tungsten, molybdenum, and tin. This provides broader exposure to the sector's beta, with heavyweight holdings including Zijin Mining, Luoyang Molybdenum, China Northern Rare Earth, Chifeng Gold, and Aluminum Corporation of China. The ETF also supports margin trading, making it an efficient one-stop tool for nonferrous metals exposure.

Note: The strong interim performance of the nonferrous metals sector is evidenced by the Nonferrous Metals ETF Huabao (159876), where all 60 constituent stocks reported profits, and nearly half (28 stocks) saw net profit growth exceeding 100% year-on-year, delivering impressive interim results. Source: Shanghai and Shenzhen stock exchanges, as of September 9, 2026.

Note: The stocks mentioned in this article are constituents of the index tracked by Nonferrous Metals ETF Huabao (159876). As of end-August, their weightings are: Zijin Mining, 11.14%; Luoyang Molybdenum, 7.12%; China Northern Rare Earth, 4.4%; Chifeng Gold, 3.33%; and Aluminum Corporation of China, 3.31%. The index constituents are shown for illustrative purposes only, and individual stock descriptions do not constitute investment advice in any form, nor do they represent the holdings or trading activity of any fund managed by the firm.

Institutional views referenced from Shenwan Futures' morning precious metals commentary on September 9, as detailed in the article "Spot Gold Ends Three-Day Losing Streak, Returns to $4,400" published by China News Service.

ETF fee disclosure: Investors purchasing or redeeming fund shares may be charged commissions of up to 0.5% by the authorized agency. On-exchange trading fees are subject to actual charges by securities firms. The ETF does not charge sales service fees.

Feeder fund fee disclosure: For the Huabao CSI Nonferrous Metals ETF Feeder Fund (Class A), the subscription fee is 1,000 yuan per transaction for amounts of 2 million yuan or above, 0.6% for amounts between 1 million and 2 million yuan, and 1% for amounts below 1 million yuan. The redemption fee is 1.5% for holdings of less than 7 days and 0% for holdings of 7 days or more, with no sales service fee. For Class C shares, no subscription fee is charged, the redemption fee is 1.5% for holdings of less than 7 days and 0% for holdings of 7 days or more, with a sales service fee of 0.3%.

Risk disclosure: The Nonferrous Metals ETF Huabao passively tracks the CSI Nonferrous Metals Index, which has a base date of December 31, 2013, and was published on July 13, 2015. Index constituent composition is adjusted according to the index methodology, and historical backtested performance does not predict future index movement. The fund's risk rating as assessed by the fund manager is R3—medium risk, suitable for investors with a balanced (C3) profile or above. Please refer to the sales institution for suitability assessments. Any information appearing in this article (including but not limited to individual stocks, commentary, forecasts, charts, indicators, theories, or any form of expression) is for reference only. Investors must bear full responsibility for their own investment decisions. Furthermore, any views, analyses, or forecasts in this article do not constitute investment advice to readers in any form, nor do they assume any liability for direct or indirect losses arising from the use of the content. Fund investment carries risks. Past performance of a fund does not represent its future performance, and the performance of other funds managed by the fund manager does not constitute a guarantee of fund performance. Investors should proceed with caution.