Global mining stocks skyrocket or start a new super cycle.

According to media reports on the 24th, global mining stocks have been listed as a must-buy on the list by fund managers. The MSCI Global Metals and Mining Index has surged nearly 90% since the beginning of 2025, outperforming popular sectors such as semiconductors, banks, and the "tech seven giants," becoming one of the most eye-catching asset classes of the year. Not only has the price of copper skyrocketed by 50% during the same period, prices of aluminum, silver, nickel, platinum, and other metals have also generally risen. The flow of funds clearly confirms this trend: a monthly survey by Bank of America shows that European fund managers have a net overweight ratio of 26% in the mining sector, reaching a four-year high. The report points out that the recent performance of mining stocks sharply contrasts with the cold reception they received in previous years. The driving force behind this change is that the correlation between commodities like copper and aluminum and the economic cycle is weakening: these commodities, once seen as "short-term trading items" controlled by the pace of global economic growth, are now gradually evolving into "structural investment assets." In addition to traditional industrial demand, the new pillars of market demand for key minerals such as copper and aluminum include artificial intelligence data centers, the popularization of electric vehicles, and the expansion of the robotics industry. Investors are participating in long-term themes such as AI by allocating metals, so whenever weak data impacts mining stocks, buying pressure emerges when prices are low. Wu Dilin, a research strategist at the Melbourne-based Pepperstone Group, said, "Mining stocks have transformed from a dull defensive sector to a strategic anchor that can simultaneously grasp changes in monetary policy and geopolitical fluctuations."