Rising prices boost industry profits, strong trend in non-ferrous metals may continue.

In the first half of 2025, the overall prices of non-ferrous metal commodities continued to rise and remained an important factor driving industry profitability. As of the evening of August 29, over 60% of the listed companies in the non-ferrous sector have disclosed their semi-annual reports for 2025, with more than 90% of them achieving a year-on-year growth in performance and profits for the parent company. Among them, 21 companies have achieved profits exceeding 1 billion yuan in the first half of the year. Looking ahead to the second half of the year, the industry remains optimistic about the price trends of gold and copper. Zhijin Mining believes that the expected implementation of US copper import tariffs, combined with low global non-US exchange stock levels, may lead to market volatility and continued wide-ranging fluctuations in copper prices. The continued resilience of China's new energy transformation and infrastructure investment demand, coupled with a long-term structural supply gap in refined copper, will provide a solid fundamental support for copper prices. The ongoing global trade uncertainties, geopolitical tensions, and weakened US dollar trends will strengthen the market's demand for gold allocation. The high demand for central bank gold purchases, combined with expectations of a rate cut by the Federal Reserve in the second half of the year, will further enhance the attractiveness of gold assets. Shandong Gold also stated that the global geopolitical situation remains unstable, and investment demand for gold will remain strong, which will continue to support gold prices and result in continued high volatility in the second half of the year.