Global Materials | Industrials | Commodities

Rahul Jain

Thematic (Sector/Industry)

<ul>
<li>Precious and energy-transition metals lead as structural scarcity, central-bank demand, and electrification support gold, silver, copper, aluminium, zinc, and rare earths into 2026.</li>
<li>Bulks and hydrocarbons lag with weak China demand, oversupply, and compressed margins across iron ore, nickel, steel, coal, and crude, keeping the segment firmly underweight.</li>
<li>Top Asia exposures include Zijin, Korea Zinc, Hindustan Zinc, Vedanta, CMOC, JXAM, SMM, Mitsui, Jiangxi Copper, NALCO, Hongqiao, Hindalco, Shenghe, and CNRE.</li>
</ul>


Precious and energy-transition metals lead as structural scarcity, central-bank demand, and electrification support gold, silver, copper, aluminium, zinc, and rare earths into 2026.
Bulks and hydrocarbons lag with weak China demand, oversupply, and compressed margins across iron ore, nickel, steel, coal, and crude, keeping the segment firmly underweight.
Top Asia exposures include Zijin, Korea Zinc, Hindustan Zinc, Vedanta, CMOC, JXAM, SMM, Mitsui, Jiangxi Copper, NALCO, Hongqiao, Hindalco, Shenghe, and CNRE.


Asia Metals Outlook 2026: Scarcity Favours Gold, Copper, Aluminium

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in foreign holdings of KRX stocks as of Sep 25th. The aggregated holding was USD1,755.4bn.</li>
<li>We estimate that foreign flows to be inflows of USD1,304mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight changes of foreign holdings in Samsung Electronics, SK Hynix, SamsungElecMech, SKSQUARE, LG Electronics.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Sep 25th. The aggregated holding was USD1,755.4bn.
We estimate that foreign flows to be inflows of USD1,304mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in Samsung Electronics, SK Hynix, SamsungElecMech, SKSQUARE, LG Electronics.


KRX Foreign Holding Weekly (Sep 25th): Samsung Electronics, SK Hynix, SamsungElecMech, SKSQUARE

<ul>
<li>Cycle Leaders: Gold, silver, copper, and aluminium outperform on safe-haven demand, supply tightness, and firm regional premiums, while ferrous, nickel, and coal lag on China weakness.</li>
<li>Equity Positioning: Focus on Zijin, Shandong, Chifeng, BRMS (gold); Hindustan Zinc, Vedanta, Dowa, Korea Zinc (silver/zinc); Sumitomo, JX Advanced, Mitsubishi Materials, Hongqiao, Vedanta (copper/aluminium).</li>
<li>Corporate Actions: Zijin Gold IPO, Anglo–Teck merger, and BHP’s copper sale highlight accelerating sector consolidation, driving investor rotation toward gold and copper scale.</li>
</ul>


Cycle Leaders: Gold, silver, copper, and aluminium outperform on safe-haven demand, supply tightness, and firm regional premiums, while ferrous, nickel, and coal lag on China weakness.
Equity Positioning: Focus on Zijin, Shandong, Chifeng, BRMS (gold); Hindustan Zinc, Vedanta, Dowa, Korea Zinc (silver/zinc); Sumitomo, JX Advanced, Mitsubishi Materials, Hongqiao, Vedanta (copper/aluminium).
Corporate Actions: Zijin Gold IPO, Anglo–Teck merger, and BHP’s copper sale highlight accelerating sector consolidation, driving investor rotation toward gold and copper scale.


Asia Commodities — September 2025: Gold Strength, Copper Tightness, Aluminium Premiums

<ul>
<li>We analyzed the changes in foreign holdings of KRX stocks as of Sep 18th. The aggregated holding was USD1,670.3bn.</li>
<li>We estimate that foreign flows to be outflows of USD8,838mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight changes of foreign holdings in SK Hynix, Samsung Electronics, Samsung Elec (PREF), DOOSAN, Doosan Enerbility.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Sep 18th. The aggregated holding was USD1,670.3bn.
We estimate that foreign flows to be outflows of USD8,838mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in SK Hynix, Samsung Electronics, Samsung Elec (PREF), DOOSAN, Doosan Enerbility.


KRX Foreign Holding Weekly (Sep 18th): SK Hynix, Samsung Electronics, Samsung Elec (PREF), DOOSAN

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Cross Asset Strategy

<ul>
<li>On 27 February, the Financial Supervisory Service (FSC) announced that it plans to give greater scrutiny on rights offerings and IPOs in Korea that could potentially destroy shareholder value.</li>
<li>Overall, these attempts to improve the rights offerings and IPOs in Korea appear to be a step in the right direction. </li>
<li>However, these measures are likely to negatively impact new rights offerings and IPOs in 2025. Various trading strategies involving rights offerings and new IPOs may need to be revised.</li>
</ul>


On 27 February, the Financial Supervisory Service (FSC) announced that it plans to give greater scrutiny on rights offerings and IPOs in Korea that could potentially destroy shareholder value.
Overall, these attempts to improve the rights offerings and IPOs in Korea appear to be a step in the right direction. 
However, these measures are likely to negatively impact new rights offerings and IPOs in 2025. Various trading strategies involving rights offerings and new IPOs may need to be revised.


Greater Scrutiny by the FSC on Rights Offerings and IPOs That Could Destroy Shareholder Value

South Korea

Korea Zinc Co., Ltd. specializes in non-ferrous metal smelting industry.  The Company manufactures zinc ingots, electrolytic gold, silver, lead, sulfuric acid, and copper.  Korea Zinc provides its products to domestic and overseas markets.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Korea Zinc (010130 KS)

Asia Metals Outlook 2026: Scarcity Favours Gold, Copper, Aluminium

Precious and energy-transition metals set to outperform bulks and hydrocarbons through 2026, with top Asia exposures including Zijin, Korea Zinc,...

Rahul Jain

KRX Foreign Holding Weekly (Sep 25th): Samsung Electronics, SK Hynix, SamsungElecMech, SKSQUARE

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in Samsung Electronics, SK Hynix, SamsungElecMech,...

Ke Yan, CFA, FRM

Asia Commodities — September 2025: Gold Strength, Copper Tightness, Aluminium Premiums

Safe-haven demand and supply tightness drive gold, silver, copper, and aluminium performance, while China weakness impacts ferrous, nickel, and coal.

Rahul Jain

KRX Foreign Holding Weekly (Sep 18th): SK Hynix, Samsung Electronics, Samsung Elec (PREF), DOOSAN

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in SK Hynix, Samsung Electronics, Samsung Elec...

Ke Yan, CFA, FRM

Greater Scrutiny by the FSC on Rights Offerings and IPOs That Could Destroy Shareholder Value

On 27 February, the Financial Supervisory Service (FSC) announced that it plans to give greater scrutiny on rights offerings and IPOs in Korea that...

Douglas Kim

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Asia Metals Outlook 2026: Scarcity Favours Gold, Copper, Aluminium

​Precious and energy-transition metals set to outperform bulks and hydrocarbons through 2026, with top Asia exposures including Zijin, Korea Zinc,...

Rahul Jain

KRX Foreign Holding Weekly (Sep 25th): Samsung Electronics, SK Hynix, SamsungElecMech, SKSQUARE

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in Samsung Electronics, SK Hynix, SamsungElecMech,...

Ke Yan, CFA, FRM

Asia Commodities — September 2025: Gold Strength, Copper Tightness, Aluminium Premiums

​Safe-haven demand and supply tightness drive gold, silver, copper, and aluminium performance, while China weakness impacts ferrous, nickel, and coal.

Rahul Jain

KRX Foreign Holding Weekly (Sep 18th): SK Hynix, Samsung Electronics, Samsung Elec (PREF), DOOSAN

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in SK Hynix, Samsung Electronics, Samsung Elec...

Ke Yan, CFA, FRM

Greater Scrutiny by the FSC on Rights Offerings and IPOs That Could Destroy Shareholder Value

On 27 February, the Financial Supervisory Service (FSC) announced that it plans to give greater scrutiny on rights offerings and IPOs in Korea that...

Douglas Kim

Precious and energy-transition metals set to outperform bulks and hydrocarbons through 2026, with top Asia exposures including Zijin, Korea Zinc,...

Safe-haven demand and supply tightness drive gold, silver, copper, and aluminium performance, while China weakness impacts ferrous, nickel, and coal.