One EV, one AI server, one rocket, one wind turbine — every one of them starts as a rock dug out of the ground, then passes through a "refining" step that mostly happens in a single country. This lesson is the map that strings the 9 material categories together: how stuff flows from mine → refinery → component, why the real "bottleneck" isn't the mine but the refinery, and why the West is pouring enormous money into bringing that middle step back home (each category has its own deep-dive chapter).
Rare earth supply shifts, chip materials boom, gold and mining capital diverge
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Chip materials demand accelerates Soitec upgraded on silicon photonics, Dinglong profit up 62-66%, Air Liquide targets electronics growth. AI and new energy drive demand for wafers, polishing pads, and industrial gases, boosting suppliers of these critical materials.
Shows strong demand pull for semiconductor materials, a key sub-area of the theme.
Western rare earth supply builds China's rare earth refining share fell from 91% to 85% as Japan and US build ex-China supply chains. EM&T raised guidance on expanded ex-China feedstock and new magnet capacity. This reduces reliance on China, benefiting non-China producers.
Highlights the ongoing shift in rare earth supply away from China, a core theme driver.
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Gold demand up, mining capital down Bundesbank says debt concerns drive central bank gold buying, but mining stocks lost $264B in September on Fed rate hike. Gold miners face capital outflows even as demand for gold as a reserve asset rises.
Shows divergence between physical demand and equity performance, affecting mining companies.
Geopolitical tensions and trade disruptions Trump urges Xi to end rare earth export controls on Japan, but China shows little willingness. Fortescue cash falls 37% amid China's iron ore purchase restrictions. These tensions disrupt supply chains and create uncertainty for critical materials.
Illustrates how geopolitics directly impacts supply and demand for critical materials.
Dongcai Technology Chairman Tang Anbin Completes Share Reduction, Cashing Out 144 Million Yuan in Three Months
The share reduction plan of Dongcai Technology Chairman Tang Anbin has expired, with a total of 144 million yuan cashed out over three months. According to Dongcai Technology's disclosure, from June 30 to September 29, Tang Anbin reduced his holdings by a cumulative 2.89 million shares through centralized bidding, accounting for 0.29% of the company's total share capital, at prices ranging from 48.56 yuan to 54.31 yuan per share, for a total reduction amount of 144 million yuan. This reduction stemmed from a plan announced in June this year, when Tang Anbin, due to personal funding needs, intended to reduce his holdings by no more than 2.9012 million shares within three months starting June 30, representing 0.29% of total share capital, and ultimately reduced 2.89 million shares. Before the reduction, Tang Anbin held 11.6051 million shares, or 1.15%; after completion, his holdings fell to 8.7151 million shares, with his stake dropping to 0.86%. Born in 1968, Tang Anbin has served as chairman since December 2019, and his pre-tax compensation from the company in 2025 was 2.4613 million yuan. This is not his first reduction; including this one, Tang Anbin's cumulative reduction totals approximately 21.04 million shares, cashing out about 356 million yuan. In addition, several directors and senior executives, including director and general manager Li Gang, have also completed reductions this year. Dongcai Technology focuses on new chemical materials such as optical film materials and electronic materials. In the first half of this year, it achieved operating revenue of 3.095 billion yuan, up 27.29% year-on-year, and net profit attributable to the parent of 312 million yuan, up 63.78% year-on-year.
Gold Eyes Eighth Straight Positive Year as Fed, Bond Yields and Central Bank Buying Take Center Stage
Domestic gold prices are on track to post a positive return for an eighth consecutive year. As of October 8, 2026, gold prices had risen by about 900 baht, and looking back at October data over the past five years, from 2021 to 2025, gold rose in four of those years and fell in only one, delivering positive returns in 80% of the period under review. In 2025, prices surged by 3,000 baht to 61,400 baht, while 2024 was the only year to decline, falling 500 baht. Gold nonetheless climbed to a yearly peak of around 81,950 baht before correcting. On the morning of October 8, 2026, 96.5% gold bars were bought back at 65,650 baht and sold at 65,850 baht. The key supporting factor is the direction of Federal Reserve monetary policy, after U.S. nonfarm payrolls for September rose by only 29,000 and the unemployment rate climbed to 4.2%, prompting the market to sharply scale back expectations for an October rate hike. Meanwhile, a World Gold Council survey of 74 central banks found that 45% plan to increase their gold holdings over the next 12 months, the highest share since the survey began in 2018, and China added about 740,000 ounces, or roughly 23 tonnes, to its gold reserves in September, a 23rd consecutive month of increases. Pressures still come from U.S. bond yields, Brent crude oil prices back above 100 dollars a barrel, and technical signals after prices broke below support at 4,200 dollars an ounce on September 28. Gold must break through 4,200 dollars to confirm a short-term recovery and 4,540 dollars to confirm a medium- and long-term uptrend.
GOLD · Monetary · Positive Gold is supported by scaled-back Fed rate-hike expectations after weak September payrolls and rising unemployment, alongside record central-bank gold buying.
Nissan Chemical Sets Up Zhangjiagang Semiconductor Materials Unit in China
Nissan Chemical Corporation has approved the establishment of Nissan Chemical Semiconductor materials Zhangjiagang Co., Ltd. in Zhangjiagang City, Jiangsu Province, China, to manufacture and sell anti-reflective coatings and multilayer materials for semiconductors. The new subsidiary carries registered capital of RMB 210 million, or approximately ¥5.00 billion, with initial funding set for October 15, 2026. The move deepens Nissan Chemical's presence in China's semiconductor supply chain by placing production closer to key local customers and demand centers. The roughly ¥5.00 billion capacity build is a focused addition that supports existing guidance rather than reshaping it in the near term, though it tilts the risk mix toward China-specific factors such as local competition and policy or supply chain disruptions. The company's investment case continues to rest on turning specialty chemicals expertise into steady earnings and disciplined shareholder returns, supported by high returns on equity and an active dividend and buyback program.
4021.JP · Capital · Positive Nissan Chemical approves a ~¥5.00 billion investment to build a semiconductor materials subsidiary in Zhangjiagang, China, expanding capacity.
Stelco Tells Canada It Will Proceed With Ontario Layoffs Despite Ultimatum
Stelco, a unit of Cleveland-Cliffs, has told the Canadian government it is proceeding with hundreds of job cuts at its production sites in Ontario despite an ultimatum issued by Ottawa earlier this week to avoid the layoffs, the Globe and Mail reported on Saturday. On Sept. 28, Stelco announced plans to lay off up to 500 steelworkers in Hamilton and Nanticoke, Ont., saying it could not operate profitably mainly due to the impact of elevated U.S. tariffs on Canadian steel. When the federal government approved Cliffs' $3.4B acquisition of Stelco in 2024, the Cleveland-based steelmaker agreed to several legally binding terms, including a condition to maintain at least the same number of unionized workers in Canada for five years. On Monday, Canadian Industry Minister Mélanie Joly issued a five-day ultimatum forcing the company to come up with a plan to comply with its employment guarantees under the Investment Canada Act or face possible legal action. Citing a legal provision related to the pledges and the government's ICA guidelines, Stelco president and general counsel Paul Simon said in a letter to Joly that the company has not breached its commitments, adding that changes in circumstances may necessitate the non-enforcement or renegotiation of undertakings. A spokesperson for Joly confirmed receiving the letter.
CLF · Tariff · Negative Stelco, a Cleveland-Cliffs unit, is proceeding with up to 500 Ontario layoffs citing the impact of elevated U.S. tariffs on Canadian steel, despite Ottawa's ultimatum over its employment commitments.
BWX Technologies' BANR Microreactor Chosen for Indigenous-Led Plant in Canada
Prodigy Clean Energy, together with Pabineau First Nation and Eel River Bar First Nation, selected BWX Technologies' BANR microreactor technology for an Indigenous-owned, transportable nuclear power plant in Belledune, New Brunswick, targeting in-service operation in the early 2030s with modular, factory-built units. The project is backed by a Government of New Brunswick power offtake letter and advances BWXT's push into transportable microreactors that could underpin future deployments across remote Canadian regions and export markets. The selection gives BWXT another reference project for its microreactor catalyst, though it does not materially reduce risks around contract concentration, commercial margin pressure, or execution on its expanding capital program. Among other recent announcements, BWXT received a US$4 million preliminary design award from the NNSA for a new Lithium Processing Facility at Y 12, which together with the Belledune project feeds the same nuclear-focused backlog story. The company's narrative projects $4.8 billion revenue and $539.9 million earnings by 2029, requiring 10.7% yearly revenue growth and a $184.7 million earnings increase from $355.2 million today, while the most pessimistic analysts model revenue of about US$4.5 billion and earnings of roughly US$519 million by 2029.
BWXT · Demand · Positive BWXT's BANR microreactor was selected for an Indigenous-led transportable nuclear plant in New Brunswick, giving it a concrete reference project and backlog catalyst.
Prodigy Clean Energy · Demand · Positive Prodigy Clean Energy selected BWXT's BANR microreactor for its Indigenous-owned transportable nuclear plant project, advancing its deployment plans.
Jiangxi Copper Signs New Three-Year JCC Group Supply Deal
Jiangxi Copper has signed a new three-year supply and services agreement with JCC Group covering copper products, other metals, auxiliary materials and a wide range of industrial support services. The agreement adds another operational reference point for investors watching how sentiment shifts around future cash flows and risk, with the stock trading at HK$33.22 after a 30 day share price return down 15.43% and a year to date share price return down 23.95%, even though the 3 year total shareholder return is up about 3.3x. On valuation, Jiangxi Copper trades on a P/E of 8.4x, below the Hong Kong Metals and Mining industry average P/E of 10.1x and a peer average of 10.9x, and below an estimated fair P/E of 9.1x, with profit growth of 54.1% over the past year and 10.9% per year across five years. A Simply Wall St discounted cash flow model compares the HK$33.22 share price with an estimated future cash flow value of HK$62.35, framing the stock as materially undervalued. Risks remain if copper or gold demand weakens, or if project and service costs rise faster than the company can pass them on.
600362.CG · Demand · Positive Jiangxi Copper signed a new three-year supply and services agreement with JCC Group covering copper products and other metals, adding an operational reference point for future cash flows.
Jiangxi Copper Group (JCC Group) · Demand · Positive JCC Group is the counterparty to the new three-year supply and services agreement for copper products, other metals and industrial support services.
Aura Minerals Hits Record Q3 Output of 95,557 Gold Equivalent Ounces
Aura Minerals reported record preliminary Q3 2026 production of 95,557 gold equivalent ounces, its highest-ever quarterly and nine-month output across six operating mines. The result was driven by sharp gains at MSG and strong performances at Borborema and Aranzazu. The company said production and sales growth remained strong even after adjusting for metal prices, while construction and development at the Era Dorada project continued on schedule. Aura Minerals also recently secured a new US$200 million syndicated loan facility to help finance supplier payments and prepay production costs while advancing its growth pipeline. The company's narrative projects $2.3 billion in revenue and $1.0 billion in earnings by 2029, requiring 21.0% yearly revenue growth and roughly a $701 million earnings increase from $298.6 million today.
AUGO · Supply · Positive Record Q3 output of 95,557 gold equivalent ounces driven by gains at MSG, Borborema and Aranzazu, with Era Dorada development on schedule.
AUGO · Capital · Positive Secured a new US$200 million syndicated loan facility to finance supplier payments and prepay production costs.
Huate Gas's import-substitution products rise to 57, employee shareholding platform denies cashing out at highs
Huate Gas said at its 2026 semi-annual results briefing on October 8 that the number of products for which it has achieved import substitution has increased from 22 at the time of its IPO to 57, and that it will focus on commercializing high-end electronic specialty gases such as disilane, hydrogen bromide, and boron trichloride. In response to investor questions about continued share reductions by employee shareholding platforms and senior executives, the company said that the three entities, including Xiamen Huahong Duofu, are all pre-IPO employee shareholding platforms established in 2012, and that the reductions were driven by partners' capital planning needs. There was no cashing out at highs or lack of confidence in the company's development, and block trades with certain discounts were chosen to improve reduction efficiency and reduce the impact on the secondary market. The company said its sales pricing comprehensively considers factors such as product costs, market competition, and customers' gas consumption scale, stability, and credit periods, with pricing characterized by case-by-case negotiation. On the performance front, the 2026 semi-annual report published on August 25 showed operating revenue of 872 million yuan, up 28.95 percent year on year; net profit attributable to the parent company of 92.83 million yuan, up 19.16 percent; non-GAAP net profit attributable to the parent company of 89.94 million yuan, up 19.29 percent; and net operating cash flow of 133 million yuan, up 46.93 percent year on year. In the first half, specialty gas business revenue reached 586.04 million yuan, up 38.56 percent year on year, semiconductor segment revenue reached 342.89 million yuan, up 28.22 percent year on year, and helium and related products accounted for about 20 percent of total operating revenue, with revenue up 133 percent year on year.
688268.CG · Capital · Positive H1 2026 revenue rose 28.95% to 872 million yuan and net profit attributable to parent rose 19.16% to 92.83 million yuan.
688268.CG · Demand · Positive Import-substitution products rose from 22 at IPO to 57, with specialty gas and semiconductor segment revenue up 38.56% and 28.22% YoY, signaling growing end-customer adoption.
厦门华弘多福 · Capital · Neutral Xiamen Huahong Duofu, a pre-IPO employee shareholding platform, reduced its stake for partners' capital planning needs, which the company said was not cashing out at highs.
Laos Plans to Halt Raw Ore Exports by Mineral Type and Timeline, Stops Approving New Rare Earth Projects
Lao Minister of Industry and Commerce Malaythong Kommasith explained the shift in national mining development policy at the tenth session of the National Assembly. The draft of the new Prime Ministerial Decree on Improving Policies and Strengthening Management of Mineral Resource Development in the New Phase proposes four policy directions, including establishing ten criteria for selecting investors, requiring one hundred percent open and transparent bidding for projects, clearly planning to stop raw ore exports, and shifting management toward digitalization while implementing ESG standards. Among these, approvals for new rare earth projects will be halted absolutely. For already approved projects, the Ministry of Industry and Commerce will formulate a plan to reduce raw ore exports by the end of 2026 and submit it to the government for approval. For minor metals such as cobalt, tungsten, and nickel, raw ore exports will be fully stopped before 2030. Several industry analysts told Jiemian News that the new Lao policy will have limited impact on China's overall mineral supply and demand landscape. Li Congming, a rare earth industry analyst at Shanghai Ganglian, pointed out that China has a relatively high self-sufficiency rate for rare earth raw materials, and the scale of imports from Laos is not large compared with Myanmar and the United States. However, since 2025, as US import volumes have dropped sharply, the share of Lao ore has increased. Data from Antaike show that in 2025, China's imports of intermediate rare earth smelting products from Laos rose 57.8 percent year on year, with Lao ore accounting for 25 percent, surpassing the 19 percent share from the United States. Chen Qiqi, an antimony industry analyst at Shanghai Ganglian, said Laos accounts for only about 2 percent of China's total antimony raw material imports, and the figure was 2.81 percent from January to August this year. The disappearance of that import volume would actually reduce downward pressure on domestic prices in the short term, making its symbolic significance greater than its practical impact. Bai Qiong, a nickel industry analyst at Shanghai Ganglian, said Laos has cobalt reserves exceeding 100,000 tonnes and nickel resources of a certain scale, but its output accounts for an extremely low share globally. Tungsten industry analyst Lü Yannan said China's imports of tungsten concentrate from Laos account for less than 1 percent of total domestic tungsten raw material imports, so the impact is basically negligible. The new policy is the result of continued tightening of mining regulation in Laos in recent years. In May 2026, Directive No. 11 of the Central Committee of the Lao People's Revolutionary Party explicitly banned raw ore exports for the first time. In July, the Standing Committee of the special session of the tenth National Assembly proposed setting a two-to-three-year deadline to stop raw ore exports. The new Prime Ministerial Decree issued in October turns those principles into a concrete ban plan by mineral type and timeline.
UBS Upgrades ArcelorMittal to Buy on European Steel Price Rally
UBS upgraded ArcelorMittal to Buy from Neutral with a €71 price target, raised from €61, sending the steel producer's shares up 4.6% in Friday's trading. The bank said it expects a large rally in European Union steel prices over the next six months and noted the shares have shed nearly 20% of their value during the past month, leaving the stock oversold and sensitive to any positive catalyst. UBS analyst Andrew Jones calculated that ArcelorMittal shares are fairly valued at roughly €750 per ton spot hot-rolled coil, but free cash flow yields rise to 6% to 8% at €820 to €850 per ton HRC despite substantial growth capital expenditures, with every €10 per ton increase in the European price adding about $325M to the company's EBITDA and about $250M to free cash flow. Jones added that ArcelorMittal Eisenhüttenstadt resumed operations at its blast furnace this week, signaling a gradual normalization of European production capacity after a period of curtailments and disruptions. While noting risks to North American HRC pricing and import risk in Brazil and India, Jones said ArcelorMittal is gaining most of the market share from import displacement and is the most liquid play on the European growth theme.
MT.AS · Capital · Positive UBS upgraded ArcelorMittal to Buy with a €71 price target, citing an expected EU steel price rally and oversold shares.
MT.AS · Supply · Positive ArcelorMittal Eisenhüttenstadt resumed blast furnace operations, signaling normalization of European production capacity after curtailments.
Caledonia Mining Cuts 2026 Blanket Output Guidance, Raises Cost Outlook
Caledonia Mining lowered its full-year production guidance for the Blanket mine in Zimbabwe and raised its cost outlook after third-quarter gold output fell 11% year over year to 19,106 oz. The company attributed the decline to a shortage of compressed air at certain high-grade, high-volume mining areas and the temporary retention of gold within the processing circuit, and said it expects production to normalize during the fourth quarter as two new compressors have been deployed and the last two have been released from port and are being transported to the mine. For fiscal 2026, Caledonia cut Blanket production guidance to a range of 69,000-72,500 oz from a previous outlook of 72,000-76,500 oz, implying fourth-quarter production at Blanket of 19,800-23,300 oz. Reflecting the lower expected volumes, the company raised full-year on-mine cost guidance to $1,700-$1,900 per oz sold from a prior view of $1,600-$1,800 per oz sold, and hiked all-in sustaining cost guidance to $2,650-$2,850 per oz sold from an earlier forecast of $2,500-$2,700 AISC. CEO Mark Learmonth said that although guidance for 2026 has been revised to reflect the third-quarter performance, Blanket remains a robust and cash-generative operation. Shares fell 2.6% in Friday's trading.
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Lithium▲
European Commission Names Two AMG Lithium Projects CRMA Strategic Projects
AMG Critical Materials N.V. announced that the European Commission has designated two of AMG Lithium's activities as Critical Raw Materials Act Strategic Projects 2026. The two designations cover AMG's lithium refinery in Bitterfeld, named a European Lithium Refining and Recycling Hub, and Zinnwald Lithium, recognized for Integrated Extraction and Processing. CEO Dr. Heinz Schimmelbusch said the decision affirms AMG's strategy of building an independent lithium supply chain for Europe and reducing dependence on foreign supply chains. The Commission's recognition means the projects will directly contribute to benchmarks set in the Critical Raw Materials Act, which aims by 2030 to increase the EU's competitiveness and resilience while decreasing dependency on any single supplier. AMG, listed on Euronext Amsterdam and Deutsche Börse, employs approximately 3,500 people and operates production facilities in Germany, the United Kingdom, France, the United States, China, Mexico, Brazil, and India.
AMG.AS · Regulation · Positive European Commission designated two AMG Lithium projects as Critical Raw Materials Act Strategic Projects, supporting its independent lithium supply chain strategy.
Zinnwald Lithium plc · Regulation · Positive Zinnwald Lithium was recognized by the European Commission as a CRMA Strategic Project for Integrated Extraction and Processing.
Discovery Mining Reports Pamour Drill Results From 52 Holes, Some Beyond Current Pit Design
Discovery Mining Ltd. reported past drilling results from 52 holes at the Pamour Mine that confirm and expand existing open-pit mineral resources across multiple zones, with numerous high-grade gold intersections both within and beyond the current resource shell. Several of the strongest Pamour intercepts sit just outside the current pit design, hinting that future resource updates could reframe the scale and configuration of this core asset. The company also recently received key environmental and land use permits for Cordero in Mexico, reducing permitting risk around a future growth project. Discovery Mining's narrative projects $1.7 billion in revenue and $400.5 million in earnings by 2029, requiring 16.0% yearly revenue growth and a $158.9 million earnings increase from $241.6 million today, while some optimistic analysts assume revenue of about US$2,600,000,000 and earnings of about US$695,000,000 by 2029. The company's forecasts yield a CA$14.86 fair value, a 29% upside to its current price.
GOLD · Supply · Positive High-grade gold intercepts at Pamour, some beyond the current pit design, point to expanded gold resources, a positive supply signal for gold.
McEwen to Sell Ontario Properties to Discovery Mining in $55M Cash-and-Stock Deal
McEwen agreed to sell its Fuller and Paymaster properties in Timmins, Ontario, to Discovery Mining subsidiary Dome Mine for $55M, comprising $5M in cash and $50M in Discovery common shares. The sale includes Lexam VG Gold's wholly-owned Fuller property, its 60% interest in the Paymaster property held in joint venture with Dome, and a surface rights parcel owned by VG Holdings; both properties are part of McEwen's Fox complex land position in the Timmins mining district. McEwen said it plans to use the sale proceeds to invest across its operations and development projects to support a goal of producing 250K–300K gold equivalent oz annually by 2030 with minimal to no share dilution. The company said its operations and development at the Fox complex will remain centered on the Froome, Stock and Grey Fox properties. McEwen shares gained 4.5% in Friday's trading.
Critical Materials & Supply Chain › Precious Metals Capital
MUX · Capital · Positive McEwen agreed to sell its Fuller and Paymaster properties for $55M in cash and Discovery shares, funding operations and development with minimal dilution.
Axalta Coating Systems Eyes Another Earnings Beat With Positive ESP
Axalta Coating Systems is positioned to potentially extend its earnings-beat streak when it reports next on October 29, 2026. The high-performance coating maker has topped consensus estimates by an average of 11.38% over the last two quarters, most recently posting $0.72 per share against an expected $0.65, a surprise of 10.77%, after an earlier $0.56 versus $0.5, a surprise of 12.00%. The company currently carries a Zacks Earnings ESP of +0.51% alongside a Zacks Rank #2 (Buy), a combination that Zacks research says produces a positive surprise nearly 70% of the time. Zacks notes that a negative Earnings ESP reading does not indicate an earnings miss but does reduce the metric's predictive power.
AXTA · Capital · Positive Axalta carries a positive Zacks Earnings ESP and Rank #2 (Buy), positioning it to extend its earnings-beat streak on October 29, 2026.
Avient CEO Khandpur Departs; Reaffirmed Guidance Sends Shares Down 8%
Avient Corp announced an abrupt leadership transition, naming former UPL Corporation head Mike Frank as Chief Executive Officer to succeed Dr. Ashish K. Khandpur, who will remain as an advisor through year-end. Lead Independent Director Richard H. Fearon was appointed Non-Executive Chairman. The specialty materials producer also merely reiterated its third-quarter and full-year 2026 financial targets previously updated in August, opting not to raise forecasts ahead of its November 4 earnings release. Avient had raised its full-year adjusted EPS target in August to a range of $3.10 to $3.25, representing 10% to 15% growth over the prior year, against a current Wall Street consensus of $3.20 per share. Shares of Avient tumbled over 8% on Friday morning on the news. Incoming CEO Mike Frank brings over three decades of specialty chemicals experience, including a 25-year tenure at Monsanto and leadership of UPL Corporation and Nutrien Ag Solutions.
Gold Surges on Weaker Dollar, Oil Falls After Trump Confirms No Attack on Iran
Gold prices rebounded today, supported by falling oil prices and a weaker dollar. As of 19:50 Thailand time, spot gold was up 41.81 dollars, or 0.90%, at 4,173.33 dollars per ounce, while COMEX December gold futures rose 49.60 dollars, or 1.19%, to 4,206.60 dollars per ounce. Meanwhile, global crude oil prices tumbled more than 1%, with Brent crude falling below 103 dollars per barrel and West Texas crude dropping below 91 dollars per barrel, after President Donald Trump confirmed via Truth Social that the United States will not attack Iran before the November 3 midterm elections and that talks with Iran are making progress. At the same time, investors increased their bets that the Fed will hold interest rates steady at its October meeting, after the U.S. services index fell to 54.9 in September, below expectations of 55.2 and down from 55.4 in August. The CME Group's FedWatch Tool indicates that investors assign an 80.6% probability that the Fed will keep rates at 3.75-4.00% at its October meeting, and a 70.2% probability that the Fed will raise rates by 0.25% to 4.00-4.25% at its December meeting. Investors are watching next week's releases of the consumer price index and producer price index ahead of the Fed's monetary policy meeting on October 27-28.
EM&T Raises Fiscal 2026 Revenue Guidance 62% to $11 Million, Reaffirms $460 Million Fiscal 2027 Outlook
Evolution Metals & Technologies Corp. raised its fiscal 2026 revenue guidance to $10 million to $11 million, up from the previous range of $5 million to $8 million issued on September 10, 2026, a 62% increase at the midpoint. The company also reaffirmed its fiscal 2027 revenue guidance of $400 million to $460 million, whose $430 million midpoint represents roughly 41 times the raised fiscal 2026 midpoint. The Miami-based critical materials and advanced manufacturing company said the raise reflects an expanded ex-China rare earth feedstock position, improved rare earth pricing and continued strong commercial demand. Thirteen additional ULVAC sintered magnet production machines are scheduled for delivery in October 2026 and will be installed immediately after delivery in Pohang, Republic of Korea, where they are expected to lift annual magnet production capacity above 10,000 metric tons, including approximately 6,000 metric tons of high-performance sintered magnets. Chief Executive Officer Frank Moon said the company will showcase what it believes is the largest commercial magnet facility in the world, ex-China, on December 17, 2026, and President Andrew Knaggs pointed to DFARS 252.225-7052, which is expected to extend the mine-to-magnet restriction across the entire neodymium-iron-boron magnet supply chain beginning January 1, 2027.
UBS Names Newmont, Barrick, Endeavour Among Preferred Gold Mining Stocks for 2027
UBS has identified its preferred gold mining stocks as the sector navigates volatile conditions following a turbulent 2026, recommending selective exposure to gold equities heading into third-quarter results and 2027 guidance. The bank expects sustained energy and broader cost pressures to drive higher unit costs in 2027, though it notes gold valuations are generally reasonable and margins remain attractive if prices hold above $4,000 per ounce. Newmont is UBS's preferred senior producer, cited for clarity on cash returns, low probability of mergers and acquisitions, and modest improvement in operating outlook; the Nevada Gold Mines dispute with Barrick is now resolved, with Newmont paying $1.95 billion to bring Fourmile, Fiberline and Mike into the joint venture under a modernized agreement. UBS also favors Barrick, whose relative performance and valuation reflect that outcome, and Endeavour, whose spot free cash flow yield exceeds 10 percent with a further step-up in cash returns expected in 2026 and roughly 40 percent growth over 2025-2029 through the Assafou project in Ivory Coast. The list also includes SSR Mining, where the investment case has shifted to delivery, life extensions and deployment of over $2 billion of cash with production sustainable just below 500,000 ounces per annum of gold equivalent, plus Skeena Resources, which secured key permits for the Eskay Creek project in February, and Franco-Nevada, where the Cobre Panama restart remains mostly unpriced and the stock trades at approximately 15 times spot 2028 enterprise value to EBITDA versus its five-year average of 21.5 times.
Critical Materials & Supply Chain › Precious Metals Capital
NEM · Capital · Positive UBS's top preferred senior gold producer, cited for cash-return clarity, low M&A probability, and modest operating improvement after paying $1.95B to resolve the Nevada Gold Mines dispute.
B · Capital · Positive UBS names Barrick a preferred gold miner, citing relative performance and valuation reflecting the resolved Nevada Gold Mines dispute.
Endeavour Financial · Capital · Positive UBS names Endeavour among its preferred gold mining stocks, citing >10% spot free cash flow yield and expected step-up in cash returns.
FNV · Capital · Positive UBS includes Franco-Nevada as preferred, noting the mostly unpriced Cobre Panama restart and attractive EV/EBITDA versus its five-year average.
SKE · Capital · Positive UBS lists Skeena Resources as preferred after it secured key permits for the Eskay Creek project.
SSRM · Capital · Positive UBS includes SSR Mining as preferred, with its case shifting to delivery, life extensions, and deployment of over $2B cash.
Gold Traders Association raises gold price by 700 baht after 18 changes in a single day
The Gold Traders Association announced an intraday gold price adjustment today, 9 October 2026, raising it by 700 baht from the previous day, with the price changing a total of 18 times. The first adjustment was an increase of 550 baht, while the second through eighteenth adjustments were mostly moves of 50 baht and 100 baht each. Most recently, gold bars were buying at 66,250.00 baht and selling at 66,450.00 baht, while gold ornaments were buying at 64,930.28 baht and selling at 67,250.00 baht.
BofA Upgrades Soitec to Buy, Lifts Target to €300 on Silicon Photonics
BofA Securities upgraded French chip materials maker Soitec to "buy" from "neutral" and raised its price target to €300 from €152, sending the shares up 7% in Paris on Friday. The broker cited Soitec's 90%-plus share of the key material used in silicon photonics, a technology that moves data with light instead of copper. BofA forecasts photonics wafer revenue growth of 172%, 74% and 57% in fiscal 2027, 2028 and 2029, and said several major customers have signed long-term "take-or-pay" contracts that commit them to pay whether or not they use the wafers. Soitec itself said in September it expects photonics wafer growth of 2.5 to 3 times in the year ending March 31, 2027. BofA also expects Soitec to announce a Singapore factory extension in coming months, estimated to cost €700 million and add 1 million 300mm wafers a year of capacity, and raised its earnings-per-share forecasts to €1.61 from €0.08 for fiscal 2027, to €5.57 from €2.65 for fiscal 2028, and to €10.62 from €5.11 for fiscal 2029.
SOI.PA · Capital · Positive BofA upgraded Soitec to Buy and raised its price target to €300 from €152, lifting EPS forecasts.
SOI.PA · Demand · Positive Major customers signed long-term take-or-pay contracts for photonics wafers, and Soitec expects photonics wafer growth of 2.5-3x.
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Primary Steel & Aluminum Smelting▲
UBS Upgrades Salzgitter, ArcelorMittal and voestalpine to Buy on EU Steel Quotas
UBS upgraded European steelmakers Salzgitter, ArcelorMittal and voestalpine to buy from neutral on Friday and kept its buy rating on SSAB, saying new EU import quotas that remove about 9 million tonnes of annual imports will tighten supply after a recent pullback in the shares. The broker set price targets of 71 euros for ArcelorMittal, 71 euros for Salzgitter, 64 euros for voestalpine and 120 Swedish crowns for SSAB, implying upside of 31%, 61%, 51% and 21% respectively, and named Salzgitter its top pick because its earnings are about 2.5 to 3.5 times more sensitive to higher EU steel prices than the other three. EU safeguard measures that took effect July 1 cap duty-free steel imports at 18.3 million tonnes a year, with a 50% tariff on anything above the quotas, while blast furnace restarts mainly by ArcelorMittal bring back about 7.6 million tonnes of announced capacity, partly offset by cuts at Taranto and at HKM, which Salzgitter owns. UBS raised its EU hot-rolled coil price forecasts by 2%, 11% and 10% for 2026, 2027 and 2028, now expecting about 820 euros a tonne in 2027 and 805 euros in 2028 against a spot of about 745 euros, and said import parity is above 900 euros a tonne, about 20% above spot, with 1,000 euros not ruled out if demand improves. The broker warned third-quarter results will not show the upturn, forecasting earnings below consensus for ArcelorMittal, voestalpine and SSAB on weak summer demand, the delayed effect of lower prices in May and June and higher energy costs, with Salzgitter the exception at 9% above consensus on higher steel shipments.
MT.AS · Capital · Positive UBS upgraded ArcelorMittal to buy with a 71-euro target, citing EU import quotas tightening supply.
SZG.XETRA · Capital · Positive UBS upgraded Salzgitter to buy, named it top pick, and set a 71-euro target on its high sensitivity to higher EU steel prices.
VAS.XETRA · Capital · Positive UBS upgraded voestalpine to buy with a 64-euro target, though it warned Q3 earnings will be below consensus.
Evonik shares rise on report BASF may submit new takeover offer
Evonik Industries shares rose 2.6% following a Reuters report that BASF could submit a new takeover offer for the German specialty chemicals company. Reuters reported that BASF may make another bid after Evonik rejected an earlier offer of €22.15 per share in September, a proposal that represented a premium of nearly 25% to Evonik's prior three-month average share price. Citi analysts said that even at an assumed offer price of €25 per share, their model indicates average earnings per share and free cash flow accretion of approximately 20% through 2030 for BASF, though return on invested capital would fall to around 9%, which they view as a threshold given the scale, complexity and execution risks involved. The analysts added that unless major shareholder RAG opposes a transaction, Evonik management may ultimately decide to engage in discussions, and noted that RAG's most recent share placement was executed at €19.99 per share. Citi also said it currently struggles to identify a valuation scenario in which Evonik shares can sustainably exceed €22 per share absent a broader sector recovery.
Newmont Set to Report October 22 Earnings as Analysts Lift Estimates on Stronger Bullion Prices
Newmont is preparing to report earnings on 22 October 2026, with analysts expecting higher earnings per share and revenue than the prior-year quarter and forecasts revised upward on a generally favorable business outlook. Stronger bullion prices, supported by softer expectations for an October Federal Reserve rate hike, have improved sentiment toward Newmont and other gold producers. The company's strong first half 2026 results, including US$13,425 million in sales and US$5,464 million in net income, frame how much cushion Newmont may have if costs rise or grades decline. Newmont's narrative projects $31.3 billion in revenue and $12.6 billion in earnings by 2029, requiring 6.7% yearly revenue growth and a $4.0 billion earnings increase from $8.6 billion today, while the most pessimistic analysts assumed roughly flat revenues around US$24.9 billion and earnings near US$9.4 billion over time. Risks remain around higher sustaining capital needs, lower grade mine sequencing and potential safety or operational disruptions.
NEM · Capital · Positive Analysts lifted EPS and revenue estimates ahead of Newmont's October 22 earnings report, with forecasts revised upward on a favorable outlook.
NEM · Monetary · Positive Stronger bullion prices, supported by softer expectations for an October Fed rate hike, improved sentiment toward Newmont and other gold producers.
H.B. Fuller Prices $850M Private Offering of 7.625% Senior Notes Due 2034
H.B. Fuller Company said Friday it has priced a private offering of $850 million aggregate principal amount of 7.625% new senior unsecured notes due 2034 at an issue price of 100% of the principal amount. The notes are expected to close on or about October 21. Interest on the notes will be paid on a semi-annual basis.
Borregaard Refinances With NOK 1,500 Million Sustainability-Linked Credit Facilities
Borregaard has arranged new sustainability-linked multicurrency revolving credit facilities totaling NOK 1,500 million with three banks, replacing existing arrangements that were approaching maturity. The facilities secure continued access to committed funding, with loan terms tied to environmental and safety targets including greenhouse gas emission cuts and workplace safety measures. The company operates in the chemicals sector, focusing on specialized biochemicals and biomaterials for customers across Europe, Asia, the United States, and other regions. The refinancing keeps Borregaard's debt profile aligned with its buyback-and-earnings-reset narrative, tying borrowing costs to how effectively it runs its mills rather than to market rates alone. With profit margins recently weaker than a year ago, the flexible general-purpose credit leaves room to balance capacity upgrades against authorized share repurchases without overstretching the balance sheet.
0QB7.LSE · Capital · Positive Borregaard arranged NOK 1,500 million in new sustainability-linked revolving credit facilities, securing committed funding and refinancing maturing debt.
Sika has acquired Azpects Group, a leading UK manufacturer of polymeric sands for the landscaping sector, in a move the company says strengthens its position in a fast-growing segment. Azpects manufactures and distributes a range of easy-to-use polymeric paving joint compounds and complementary landscaping products for patios, pathways and driveways, serving landscaping contractors across the UK through established trade distribution channels. Sika said the deal creates cross-selling opportunities through highly complementary product portfolios and distribution channels, and that Azpects' manufacturing facility offers a platform to grow and optimize Sika's UK production footprint, with significant cost synergies expected in manufacturing and logistics. Regional Manager EMEA Christoph Ganz said Sika's distribution network can bring Azpects' product range into new channels and customer segments, and welcomed the Azpects team to the company. Sika is a specialty chemicals company with subsidiaries in 102 countries, production in over 400 factories, more than 33,000 employees and CHF 11.20 billion in sales in 2025.
Gold.com Amends CIBC Credit Facility and Expands Wine Storage Via Wine Cellar Club Deal
Gold.com, Inc. has amended its credit arrangements with CIBC Bank USA, converting its facility into a US$250,000,000 uncommitted revolving line of credit payable on demand and loosening multiple restrictions on dividends, buybacks, acquisitions, investments, and metals-related activities. The amendment also increases inventory and counterparty limits under the facility. Separately, Gold.com's majority-owned subsidiary Spectrum Wine Auctions LLC has acquired Wine Cellar Club, materially expanding its wine storage capacity and cementing its position as one of the largest professionally managed wine-storage operators in the United States. Gold.com's narrative projects $24.3 billion revenue and $171.3 million earnings by 2029, implying a 1.6% yearly revenue decline and an $89.0 million earnings increase from $82.3 million today, with a $64.40 fair value. Some of the lowest analysts were already baking in falling revenue of about 4.9 percent a year and US$133.2 million of earnings by 2029.
Critical Materials & Supply Chain › Precious Metals Capital
GOLD · Capital · Positive Gold.com amended its CIBC facility into a $250M uncommitted revolver with looser dividend/buyback/acquisition restrictions and higher inventory and counterparty limits.
Wine Cellar Club · · Neutral Wine Cellar Club is being acquired by Spectrum Wine Auctions; the article gives no standalone financial detail on the target.
CM · Capital · Neutral CIBC amended Gold.com's credit facility, loosening restrictions and increasing limits — a credit arrangement involving the bank but no clear positive/negative for CIBC itself.
Domestic gold price jumps 550 baht per baht weight this morning, tracking global market
The retail price of 96.5% gold in Thailand opened 550 baht per baht weight higher this morning, recovering in line with the global market. The Gold Traders Association announced its first price quote at 9:03 a.m., with gold bars buying at 66,100 baht per baht weight and selling at 66,300 baht per baht weight, while gold ornaments buy at 64,778.68 baht per baht weight and sell at 67,100 baht per baht weight. An analysis by Hua Seng Heng Gold Futures Company Limited said gold prices rebounded after a sharp decline, while the market continues to watch the direction of Fed interest rates after Christopher Waller said further rate hikes may be necessary to control inflation. However, investors still expect the Fed to hold rates at its October meeting and are giving more weight to another rate hike in December. Non-farm payrolls for September rose by only 29,000, below expectations, while jobless claims remain near a 57-year low. Meanwhile, the U.S.-Iran situation is showing signs of easing after President Donald Trump confirmed the United States will not attack Iran before the midterm elections on November 3 and said negotiations have made progress, with the key issues still being an end to hostilities, the opening of the Strait of Hormuz, and the nuclear program. The SPDR fund sold 5.71 tonnes of gold. The analysis assesses that short-term upside may remain limited, as prices are likely to face selling pressure from resistance around 4,180 dollars, so gold prices are expected to move within a range of 4,100 to 4,180 dollars.
Cyprium Metals Hits Nifty Copper Leaching Milestones Ahead of First Cathode
Cyprium Metals has achieved key commissioning milestones at its Nifty Copper Complex in Western Australia as it advances heap leach operations and prepares for first copper cathode production. Executive chairman Matt Fifield said commissioning is progressing across the heap leach operation while pre-commissioning work on the solvent extraction and electrowinning plant nears completion, with targeted injection flow rates reached through direct injection leaching after more than a year of trials. Early results showed copper recovery responding quickly to acid injection, with copper-to-acid ratios performing better than initially anticipated, and grade control drilling reconciled within approximately 5% of the existing mineral resource block model. The company has established 212 production and monitoring wells, providing access to approximately 1.7 million tonnes of material and supporting an estimated six to eight months of planned production under conservative recovery assumptions. Remaining milestones before wet commissioning include installation of programmable logic controller controls and energisation of the SXEW plant, following the introduction of high-voltage power to the plant infrastructure.
COMEX copper closes down 1.22% as Fed signals pre-year-end rate hike
Copper futures on the New York market closed lower on Thursday, October 8, with the COMEX December contract falling 8.10 cents, or 1.22%, to settle at 6.5685 dollars per pound. Analysts said the Federal Reserve's tight monetary policy stance, along with the prospect of a December rate increase, is weighing on investor confidence in base metals, after the market digested the latest Fed meeting minutes, which signaled support for another rate hike before the end of the year because inflation remains above target. Copper trading is also being influenced by the direction of copper demand in China, the country that consumes large volumes of the metal. Although real end-use demand from China had begun to show signs of recovery earlier, that support is starting to fade amid broader economic pressures.
DPM Metals Hits High End of 2026 Guidance as Vareš Beats Plan
DPM Metals Inc. reported third-quarter 2026 production of 97,000 gold-equivalent ounces and said it was on track for the high end of its full-year production guidance, with the Vareš mine ramp-up running ahead of plan and expected to exceed its 2026 output target. The company also decided to begin developing twin declines into the Wedge Zone at Chelopech by year-end, a move it says points to additional near-term production potential and a longer mine life. The company's narrative projects $1.4 billion in revenue and $837.1 million in earnings by 2029, yielding a CA$67.78 fair value, a 25% upside to its current price. The most pessimistic analysts expected revenue to fall to about US$1.0 billion and earnings to about US$572.7 million. Investors are still watching how higher costs or permitting delays could affect the outlook.
DPM Metals Inc. · Supply · Positive Q3 production of 97,000 gold-equivalent ounces and Vareš beating plan put DPM on track for the high end of 2026 guidance.
GOLD · Supply · Positive DPM's Vareš mine ramp-up ahead of plan and Wedge Zone development point to stronger gold output, a positive supply-side signal for gold.
Baogang Steel Plans to Adjust Q4 2026 Rare Earth Concentrate Related-Party Transaction Price to 38,800 Yuan per Tonne
Baogang Steel announced that, in accordance with the rare earth concentrate price adjustment mechanism and calculation formula approved at the company's 2022 annual general meeting, it plans to adjust the related-party transaction price for rare earth concentrate in the fourth quarter of 2026 to 38,769 yuan per tonne excluding tax, or 38,800 yuan per tonne, with the pricing basis being dry weight and REO equal to 50%. The announcement also clarified that for every 1% increase or decrease in REO, the tax-exclusive price will correspondingly increase or decrease by 775.38 yuan per tonne.
600010.CG · Pricing · Neutral Baogang Steel adjusts its Q4 2026 rare earth concentrate related-party transaction price to 38,800 yuan/tonne under the approved mechanism, a change in its own product pricing.
Roshow Technology stated on an interactive platform on October 9 that its 8-inch silicon carbide substrate wafers have begun generating sales. The company said some samples have been sent to leading domestic customers for testing and verification, and that work on capacity building, yield improvement, and market expansion is continuing to advance.
Electrification & Mobility › EV Power Semiconductors (SiC / IGBT) ▲Supply
002617.CS · Demand · Positive Roshow's 8-inch silicon carbide substrate wafers have begun generating sales, with samples sent to leading domestic customers for testing and verification.
Sinoma Science & Technology completes 4.481 billion yuan private placement; Ge Weidong invests 700 million yuan for 13.6187 million shares
Sinoma Science & Technology disclosed on the evening of October 8 the results of its 2025 share issuance to specific investors. The company issued a total of 87.1819 million shares at 51.40 yuan per share to 15 investors, raising 4.481 billion yuan, of which more than 3.1 billion yuan will be used for an electronic fabric expansion project. Institutions dominated this private placement. E Fund Management was allotted 19.8833 million shares worth 1.022 billion yuan, making it the largest subscriber. Caitong Fund and Nuode Fund were allotted 485 million yuan and 427 million yuan respectively. UBS AG, Harvest Fund, and China Life Pension also participated. China National Building Material United Investment, a wholly owned subsidiary of the actual controller China National Building Material Group, was allotted 820 million yuan for 15.9562 million shares, with an 18-month lock-up period. Well-known retail investor Ge Weidong was allotted 13.6187 million shares worth about 700 million yuan. His highest bid of 59.15 yuan per share was the highest offer of the day. Retail investors Zhong Ge and Chen Xuegeng were each allotted 1.9455 million shares worth about 100 million yuan. Of the proceeds, 1.662 billion yuan is planned for a project with annual output of 35 million meters of low-dielectric fiberglass cloth, and 1.475 billion yuan is planned for a project with annual output of 24 million meters of ultra-low-loss low-dielectric fiberglass cloth.
002080.CS · Capital · Positive Completes 4.481 billion yuan private placement, raising funds for electronic fabric expansion projects.
CNBM United Investment Co., Ltd. · Capital · Positive Allotted 820 million yuan for 15.9562 million shares in Sinoma's private placement, with an 18-month lock-up.
中国建材集团有限公司 (China National Building Material Group) · Capital · Positive Its wholly owned subsidiary CNBM United Investment subscribed 820 million yuan in the private placement.
Qiangli New Materials Elects Qian Xiaochun as Chairman, Appoints Zhang Xuelong as President
Qiangli New Materials announced on October 9 that it elected Qian Xiaochun as chairman and appointed Zhang Xuelong as president of the company. The company's sixth board of directors consists of non-independent directors Qian Xiaochun, Guan Jun, Zhang Xuelong, and Yang Jianxin, and independent directors Yang Li, Fan Lin, and Tan Wenhao, with a three-year term. The company also appointed Yang Jianxin and Pan Jingjing as vice presidents, with Pan Jingjing also serving as chief financial officer, Liang Yuqing as board secretary, and Chen Yang as securities affairs representative, all for terms consistent with the board. In the first half of 2026, Qiangli New Materials achieved revenue of 536 million yuan and a net loss attributable to the parent company of 62.31 million yuan.
Guangzhi Technology Secures Order from Global Leading Customer for 6-Inch Indium Phosphide Substrates
Guangzhi Technology stated on an investor interaction platform on October 9 that its downstream customers for indium phosphide substrate business are domestic and overseas optical communication chip and device manufacturers, and batch deliveries have been achieved to date. The company said its domestic customers cover leading optical chip enterprises, and it has shipped in volume to leading optical communication firms overseas. Among these, the 6-inch indium phosphide substrate has secured an order from a certain global leading customer.
E-Finance Thai champions integrated Second Life model with full-cycle recycling to boost Thailand's EV batteries
E-Finance Thai news agency reports that Thailand's electric vehicle batteries have begun operations under an integrated Second Life model with full-cycle recycling, marking the first step, or the first button fastened, in the country's EV battery management system. The model aims to link the reuse of used batteries in a Second Life format with a fully integrated recycling process. The report states that this undertaking is an integrated collaboration covering both reuse and the systematic handling of battery waste. The news was published on 9 October 2026, reported by Prakai Dao Baengsanthia, editor of digital asset news.
Refined Product Crack Spreads Stay Elevated, Supporting Refining and Chemical Earnings
The International Energy Agency said at the G7 energy security meeting that Middle East crude exports have recovered significantly, but refined product transportation remains heavily constrained. Combined with continued attacks on Russian refineries, the global diesel supply tightness has intensified further, and refined product crack spreads may remain at relatively high levels. Companies with integrated refining and chemical chains, refined product export capabilities, or overseas refining and chemical assets are likely to receive some earnings support. Hua Chuang Securities noted that as the oil price center gradually stabilizes and the traditional peak season arrives, downstream restocking is expected to drive marginal repair in demand for some chemical products against a backdrop of generally low inventory across the industrial chain. On the supply side, expansion of new capacity in some high-energy-consuming chemical industries in China is being restricted by factors such as dual-carbon policies, energy consumption constraints, and stricter approval of new projects. Guosheng Securities said the growth rate of fixed asset investment in the chemical industry has continued to decline, and pressure from new supply will gradually ease going forward. Along with the exit of high-cost capacity, digestion of industry inventories, and geopolitical conflicts compressing effective supply, the firm is positive on a cyclical recovery in the chemical industry. As of 1:18 p.m. on October 9, 2026, the CSI细分化工产业主题指数 tracked by the Chemical ETF Bosera was up 0.82 percent. Among constituents, Tinci Materials rose 10.00 percent, Do-Fluoride New Materials rose 4.83 percent, Huafon Chemical rose 4.71 percent, Enjie New Materials rose 4.45 percent, and Xinyangfeng rose 3.54 percent. As of September 30, 2026, the top ten weighted stocks in the CSI细分化工产业主题指数 were Wanhua Chemical, Qinghai Salt Lake Industry, Zangge Mining, Baofeng Energy, Juhua Group, Satellite Chemical, Tinci Materials, Rongsheng Petrochemical, Dongcai Technology, and Hualu Hengsheng, together accounting for 42.48 percent.
Poland's Central Bank Plans to Raise Gold Reserves from 672 Tonnes to 700 Tonnes
The governor of Poland's central bank said the bank currently holds 672 tonnes of gold and aims to increase its gold reserves to 700 tonnes. Following the news, in early trading on October 9, 2026, the AU9999 index tracked by the Bosera Gold ETF rose 1.12%, while spot gold broke above $4,160 per ounce, up 0.65% on the day. Kenny Zhu, head of research and investment strategy at Sprott, believes that gold can still hold its trading range and attract new ETF inflows despite surging US Treasury yields, and the next move in gold prices is more likely to be an upside breakout. Changjiang Securities noted that gold's sensitivity to bearish interest-rate factors has further declined, ETF inflows remain resilient, and the trend of central bank gold purchases is unchanged, so the medium-term bull market logic remains intact.
