I. Prices of mineral products have surged dramatically.

The most exciting development for investors lately has been the sharp surge in commodity prices.

Yesterday, Brent crude oil surged by 5.6%, climbing above $40—a first since the beginning of this year. Since hitting its lowest point in January, oil prices have already rebounded by 50%.

Today, the Platts iron ore price index surged by $10.7, breaking through the $60 mark in one fell swoop—a 19% jump and the largest single-day increase since 2009. Since the end of December, the index has risen by more than $24, representing an increase of nearly 60%.

In addition to oil and iron ore, the prices of copper, aluminum, and zinc have all rebounded by between 10% and 25% since January.

Trend Chart of Copper Price Changes from January 4 to March 7, 2016

Aluminum Price Trend Chart: January 4 – March 7, 2016

Trend Chart of Zinc Prices from January 4 to March 7, 2016

This has also spurred a sharp rise in related stocks. Yesterday, sectors such as gold, oil, and mining in A-shares saw gains exceeding 5%.

Currently, crude oil short sellers have thrown in the towel. According to CFTC data, last week hedge funds increased their long positions in crude oil to the highest level in 11 months, reducing their short positions by 25,639 contracts. Short positions in crude oil ETFs have also declined sharply, bringing the net long-to-short ratio back to “normal levels.”

Hot-rolled steel, threaded bars, glass, manganese silicon, silicon iron, Zhengzhou coal, coking coal, coke, and iron ore all hit their daily upper limits. Asphalt, tin, nickel, and lead also saw price increases.

II. Shares of mining companies have nearly doubled.

Abroad:

International oil prices have risen for several consecutive weeks, and the prices of raw materials such as copper futures and iron ore have surged significantly. Not only have China’s “cyclical stocks” performed strongly, but mining stocks from overseas have also staged a collective strong rebound.

Recently, London copper, London zinc, and London aluminum have all surged to their highest levels since last autumn, driving up mining stocks. Mining stocks, which performed exceptionally poorly last year—such as those of AngloAmerican and Glencore—have seen price increases of nearly 100% this year, with the bulk of the gains occurring over the past six weeks.

Rio Tinto plc (RIO), Jan. 20, 2016 – Mar. 4, 2016: Increase of 33.57%

Glencore Plc (GLEN.L), Jan. 20, 2016 – Mar. 4, 2016: Increase of 124.72%

Vale (VALE), Jan. 25, 2016 – Mar. 4, 2016: Increase of 103.72%

Anglo American plc (AAL.L), a British and South African resource group, saw an increase of 167.81% from January 20, 2016, to March 4, 2016.

Freeport-McMoRan Inc. (FCX), the Freeport McMoRan copper-gold mine in Papua New Guinea, saw a gain of 160.43% from January 13, 2016, to March 4, 2016.

Domestic:

Yesterday, the steel industry sector performed exceptionally well, closing up 3.78%, ranking among the top gainers across all sectors. Among individual stocks, Hainan Mining and Zhongyuan Special Steel both hit their daily limit-up, while Hualian Mining rose by 9.98%, Jinling Mining by 5.75%, Chongqing Iron & Steel by 5.69%, Jiugang Hongxing by 5.36%, Baogang Shares by 5.02%, and Shandong Geological Mining by 4.95%.

Hainan Mining’s stock price rose by 10.05% on March 7, 2016:

Hualian Mining rose by 9.98% on March 7, 2016:

Jinling Mining’s share price rose by 5.75% on March 7, 2016: