Trading volume and open interest on China’s metals exchanges soared to record highs in January, fueled by retail investors flocking to what they believe are the next market winners—precious and industrial metals. So many bullish positions were open at the start of the year that the first negative signals sent global metals markets crashing from record highs and whipsawing in violent swings. At the end of 2025 and the start of 2026, speculators held record-high open interest in the base metals copper, zinc, nickel, tin, lead, and aluminum…