U.S. Treasury yields experienced significant increases on Thursday, driven by a smaller-than-expected bond buyback by the U.S. Treasury Department and a sharp rally in global oil prices.
According to market data, the 2-year Treasury yield jumped 14.2 basis points to close at 4.588 percent. The benchmark 10-year Treasury yield surged 12.5 basis points to 4.969 percent, marking its highest level since Oct 19, 2023.
Meanwhile, the 30-year Treasury yield climbed 7.5 basis points to 5.368 percent, hitting a fresh high since June 2007.
Data released by the U.S. Treasury Department revealed that the actual buyback of 10- to 20-year Treasury notes amounted to 5.187 billion U.S. dollars on Thursday, falling short of the previously announced 6-billion-U.S.-dollar upper limit.
Tom Di Galoma, managing director of global rates trading at Mischler Financial Group, noted that the market had anticipated a larger buyback volume. The actual smaller figure exacerbated the disappointment that had already begun to build the previous day, prompting investors to sell off Treasuries.
He added that the Treasury Department's auction of 22 billion U.S. dollars in 30-year bonds also performed below market expectations, further weighing on sentiment.
Compounding the pressure on the bond market, international crude oil futures soared more than 6 percent on Thursday amid the intensified conflict between the United States and Iran.
This sharp increase in energy costs has further stoked inflation concerns and heightened expectations of additional interest rate hikes by the Federal Reserve.
U.S. Treasury yields rise sharply on disappointing buyback, soaring oil prices
China has continued to strengthen its capacity to ensure energy and resource security, according to the Global Mining Development Report 2026 released by the China Geological Survey under the Ministry of Natural Resources on Friday.
The report indicates that since China launched a new round of strategic actions for mineral exploration in 2021, the exploration of strategic emerging minerals has achieved leapfrog development, and the country's capacity for independent resource supply has been significantly enhanced.
According to the report, China's new round of strategic actions for mineral exploration has produced remarkable results, with mineral resource reserves growing substantially. China currently ranks the first in the world in reserves of 14 minerals and has achieved three-dimensional expansion in oil and gas exploration, with deep-layer and deep-sea areas becoming new growth points.
Meanwhile, China's scale of mineral product production and smelting and processing remains the world's largest, and its leading position in the industrial chain has been continuously consolidated. In the smelting and processing sector in particular, the output of more than 30 metallurgical products ranks the first in the world, and the output of 17 mineral products accounts for about 50 percent of global mineral product output. This signifies that China is not only a major mineral resource producer, but also a supply leader and important driver in the global smelting and processing industry.
In addition, the scale of China's mining economy and its role in driving employment have continued to strengthen, providing strong support for socioeconomic development. As of April 2026, China had boasted 12,600 exploration rights and 30,400 mining rights, along with 55,000 mining enterprises and 834,000 smelting and processing enterprises. The mining industry and its related sectors have become an important pillar of regional economic development and people's livelihoods and employment.
"China has actively contributed its strength to global mining transformation. China has signed memorandums of understanding on geological and mining cooperation with more than 70 other countries, and technologies and equipment such as autonomous mining trucks, mining large models, and tailings resource recovery have been deployed globally," said Zou Xiehua, chief drafter of the Global Mining Development Report 2026.
China continues to strengthen energy, resource security capacity: global mining report
