China's commodity price index hits a 3.5-year high in January, with lithium carbonate leading the surge at over 48%.

On February 5, the China Federation of Logistics & Purchasing released the China Commodity Price Index for January 2026. Data shows that with optimistic corporate expectations and continuous production expansion, the index rose month-on-month for the ninth consecutive month, hitting a new high in three and a half years.

In January, the commodity price index stood at 125.3 points, a month-on-month increase of 6.3%. Among the 50 key commodities monitored, 33 saw price increases month-on-month; lithium carbonate, refined tin, and refined nickel led the gains, rising by 48.4%, 20.2%, and 19.5% month-on-month, respectively.

Performance by Sector:

Non-ferrous metals and chemical products, driven by imported factors such as expectations of international monetary easing, geopolitical factors, and futures market dynamics, saw their price indices rise by 9.9% and 3.8% month-on-month, respectively;

Agricultural products maintained a basic supply-demand balance, with the price index slightly recovering by 0.2%.

Experts pointed out that the index increase in January reflects a stabilizing and improving market. However, with intensified fluctuations in international financial markets and overly rapid price increases in some varieties, it remains necessary to strengthen the analysis of external imported risks, enhance macroeconomic policy adjustments, and ensure the stable operation of industrial and supply chains.