On April 7, the United States agreed to a two-week ceasefire with Iran in exchange for the reopening of the Strait of Hormuz. This news triggered a significant surge in the non-ferrous metals sector, with the Nonferrous Metals ETF Southern (512400) rising 5.27% . The rally was driven by three factors: (1) easing Middle East tensions and lower energy prices, which allowed previously suppressed metals to rebound; (2) improving domestic macroeconomic data, with China's official manufacturing PMI climbing to 50.4% in March; and (3) strong industry performance, with profits of non-ferrous metal enterprises increasing 133.5% year-on-year in the first two months of 2026 . Going forward, the market remains focused on geopolitical developments and the sustainability of US fiscal policy, which continues to support precious metal prices .