Global Materials | Industrials | Commodities

Rahul Jain

Commodities

<ul>
<li>Commodity trends remain bifurcated: gold, copper, and uranium are surging, while iron ore, and coal struggle under oversupply and weak demand.</li>
<li>Top picks: <a href="https://www.smartkarma.com/entities/zijin-mining-group-co-ltd" target="_blank" data-smartkarma-citation="entities:24628:1" rel="noopener">Zijin Mining Group (601899 CH)</a><a href="https://www.smartkarma.com/entities/shandong-gold-mining-co-ltd-4527fb98-bb5d-4d74-91fe-66f9c0224eb3" target="_blank" data-smartkarma-citation="entities:27455:1" rel="noopener">Shandong Gold Mining (1787 HK)</a><a href="https://www.smartkarma.com/entities/jsw-steel-ltd" target="_blank" data-smartkarma-citation="entities:18561:1" rel="noopener">JSW Steel Ltd (JSTL IN)</a>, <a href="https://www.smartkarma.com/entities/lloyds-metals-energy-ltd" target="_blank" data-smartkarma-citation="entities:15467:1" rel="noopener">Lloyds Metals &amp; Energy (LYDM IN)</a> , <a href="https://www.smartkarma.com/entities/paladin-energy-ltd" target="_blank" data-smartkarma-citation="entities:10117:1" rel="noopener">Paladin Energy (PDN AU)</a> </li>
<li>Top shorts: <a href="https://www.smartkarma.com/entities/hindalco-industries-ltd" target="_blank" data-smartkarma-citation="entities:18490:1" rel="noopener">Hindalco Industries (HNDL IN)</a> , <a href="https://www.smartkarma.com/entities/nippon-steel-corporation" target="_blank" data-smartkarma-citation="entities:961:1" rel="noopener">Nippon Steel Corporation (5401 JP)</a><a href="https://www.smartkarma.com/entities/coal-india-ltd" target="_blank" data-smartkarma-citation="entities:9117:1" rel="noopener">Coal India Ltd (COAL IN)</a><a href="https://www.smartkarma.com/entities/tata-steel-ltd" target="_blank" data-smartkarma-citation="entities:20934:1" rel="noopener">Tata Steel Ltd (TATA IN)</a> </li>
</ul>


Commodity trends remain bifurcated: gold, copper, and uranium are surging, while iron ore, and coal struggle under oversupply and weak demand.
Top picks: Zijin Mining Group (601899 CH)Shandong Gold Mining (1787 HK)JSW Steel Ltd (JSTL IN), Lloyds Metals &amp; Energy (LYDM IN) , Paladin Energy (PDN AU) 
Top shorts: Hindalco Industries (HNDL IN) , Nippon Steel Corporation (5401 JP)Coal India Ltd (COAL IN)Tata Steel Ltd (TATA IN) 


Global Metals & Mining Playbook – July 2025

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul>
<li>Pop Mart / In Depth: How Labubu proved Pop Mart right: A new line of collectibles featuring Labubu sold out within seconds of its online launch on June 12</li>
<li>IPOs /: Chinese companies rush to list amid stable markets</li>
<li>PMI /: China manufacturing expands despite muted foreign demand, Caixin PMI shows</li>
</ul>


Pop Mart / In Depth: How Labubu proved Pop Mart right: A new line of collectibles featuring Labubu sold out within seconds of its online launch on June 12
IPOs /: Chinese companies rush to list amid stable markets
PMI /: China manufacturing expands despite muted foreign demand, Caixin PMI shows


CX Daily: How Labubu Proved Pop Mart Right 

Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

<ul>
<li>We look at certain investor positioning in the commodity sector</li>
<li>A bear market rally in the USD is the biggest risk and opportunity.</li>
<li>We add some soft commodities to the inflation beneficiaries' basket</li>
</ul>


We look at certain investor positioning in the commodity sector
A bear market rally in the USD is the biggest risk and opportunity.
We add some soft commodities to the inflation beneficiaries' basket


Overview# 29- The Hard-Asset Reset: Buying the Pullback in Commodities

<ul>
<li>Chinese copper inventories have dropped to 15-year seasonal lows, with SHFE stockpiles plunging 60% in April — the sharpest decline on record.</li>
<li>This signals intense physical market tightness, driven by strong demand and smelter cutbacks.</li>
<li>The trend is reinforcing bullish sentiment, tightening global balances, and spurring strategic moves across the copper supply chain.</li>
</ul>


Chinese copper inventories have dropped to 15-year seasonal lows, with SHFE stockpiles plunging 60% in April — the sharpest decline on record.
This signals intense physical market tightness, driven by strong demand and smelter cutbacks.
The trend is reinforcing bullish sentiment, tightening global balances, and spurring strategic moves across the copper supply chain.


Copper Crunch Deepens: China’s Inventory Collapse Reshapes Global Market

Thematic (Sector/Industry)

<ul>
<li>Oil’s positive reaction to bearish news was a signal to go long.</li>
<li>Regardless of the outcome of the current fighting between Israel and Iran, oil has likely bottomed.</li>
<li>We add oil and related equities to the inflation basket</li>
</ul>


Oil’s positive reaction to bearish news was a signal to go long.
Regardless of the outcome of the current fighting between Israel and Iran, oil has likely bottomed.
We add oil and related equities to the inflation basket


Tactical Trading -Oil Joins the Commodity Rally

China

Zijin Mining Group is a large global mining company primarily engaged in the exploration, extraction, and refining of metallic mineral resources. Its key products include copper, gold, zinc, lithium, silver, and molybdenum. The company was founded in 1986 and is headquartered in Longyan, Fujian, China.

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Zijin Mining (2899 HK)

Global Metals & Mining Playbook – July 2025

Commodity trends show gold, copper, and uranium surging, while iron ore and coal struggle. Top picks include Zijin Mining Group, Shandong Gold...

Rahul Jain

CX Daily: How Labubu Proved Pop Mart Right

TOP STORY Pop Mart / In Depth: How Labubu proved Pop Mart right A new line of collectibles featuring Labubu, an elf doll distinguished by its big...

Caixin Global

Overview# 29- The Hard-Asset Reset: Buying the Pullback in Commodities

A review of recent events/data impacting our investment themes and outlook. We look at the longer term commodity move in the context of the current...

Rikki Malik

Copper Crunch Deepens: China’s Inventory Collapse Reshapes Global Market

Chinese copper inventories hit 15-year lows, signaling tight market conditions and driving bullish sentiment in the global copper supply chain.

Rahul Jain

Tactical Trading -Oil Joins the Commodity Rally

Oil joins the commodity rally and has likely bottommed regardless of the outcome in the current Israel/Iran fighting. OIl related equities are now...

Rikki Malik

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Global Metals & Mining Playbook – July 2025

​Commodity trends show gold, copper, and uranium surging, while iron ore and coal struggle. Top picks include Zijin Mining Group, Shandong Gold...

Rahul Jain

CX Daily: How Labubu Proved Pop Mart Right

TOP STORY Pop Mart / In Depth: How Labubu proved Pop Mart right A new line of collectibles featuring Labubu, an elf doll distinguished by its big...

Caixin Global

Overview# 29- The Hard-Asset Reset: Buying the Pullback in Commodities

A review of recent events/data impacting our investment themes and outlook. We look at the longer term commodity move in the context of the current...

Rikki Malik

Copper Crunch Deepens: China’s Inventory Collapse Reshapes Global Market

​Chinese copper inventories hit 15-year lows, signaling tight market conditions and driving bullish sentiment in the global copper supply chain.

Rahul Jain

Tactical Trading -Oil Joins the Commodity Rally

Oil joins the commodity rally and has likely bottommed regardless of the outcome in the current Israel/Iran fighting. OIl related equities are now...

Rikki Malik

Commodity trends show gold, copper, and uranium surging, while iron ore and coal struggle. Top picks include Zijin Mining Group, Shandong Gold...

Chinese copper inventories hit 15-year lows, signaling tight market conditions and driving bullish sentiment in the global copper supply chain.