Exchanges Scramble to Contain Retail Speculation As Metals Become Chinas Hottest Trade

Industrial metals have suddenly become one of the most crowded trades in China, with futures volumes in aluminum, copper, nickel, and tin surging as retail traders pile into the market.

The spike in activity has pushed exchanges and regulators to intervene repeatedly, raising concerns that a wave of speculation—rather than fundamentals—is driving prices and volatility.

Recent market data shows trading activity in key base metals accelerating at an exceptional pace. Combined futures volumes in…