Aluminum Supply Disruptions Resurface, Supply-Demand Fundamentals Remain Solid, Industrial Metals ETF Penghua Trading Activity Remains Robust

In the news, the Guinean government is currently discussing restrictions on bauxite supply with mining companies. According to Bouna Sira, Minister of Mining and Geology of Guinea, as the world’s largest bauxite producer accounting for nearly 70% of global output, Guinea will follow the examples of the Democratic Republic of Congo and Zimbabwe to regulate bauxite production, prevent falling mineral prices, and avoid reductions in corporate revenue and government taxes.

Orient Securities pointed out that in the short term, risk aversion driven by the Israel-Palestine conflict and stagflation expectations may still suppress industrial metal prices. However, the price levels of various metals still need to be anchored by supply and demand. The US February SIM Manufacturing PMI remained at a relatively high level of 52.4, indicating that recession expectations are unlikely to dominate in the short term, providing support for industrial commodities. Domestically, copper and aluminum inventories are still accumulating, and the peak season’s quality remains to be tested. Continued attention to post-holiday inventory reduction efforts is necessary, as supply and demand realities for each commodity may determine the bottom price during the fluctuation period.

As of 13:17 on March 17, 2026, the CSI Industrial Nonferrous Metals Theme Index (H11059) component stocks showed mixed performance. China National Gold led with a 1.97% increase, Luoyang Molybdenum rose 1.96%, and Zijin Mining increased 1.96%. Shenhuo Group led the decline. The latest quote for the Industrial Nonferrous ETF Penghua (159162) is 0.92 yuan.

Regarding liquidity, the Industrial Nonferrous ETF Penghua had a intraday turnover rate of 2.54%, with a transaction volume of 11.8935 million yuan. Looking at a longer period, as of March 16, the average daily trading volume over the past year was 54.5087 million yuan.

The ETF closely tracks the CSI Industrial Nonferrous Metals Theme Index, which selects the top 30 listed companies by market value involved in industries such as copper, aluminum, lead-zinc, and rare earth metals as index samples, reflecting the overall performance of listed companies in the industrial nonferrous metals sector.

Data shows that as of February 27, 2026, the top ten weights in the CSI Industrial Nonferrous Metals Theme Index (H11059) are Luoyang Molybdenum, Northern Rare Earth, China Aluminum, Industrial Silver Tin, Xiamen Tungsten, Yunnan Aluminum, Tongling Nonferrous Metals, China Tungsten High-tech, Jiangxi Copper, and Western Mining. The combined weight of these top ten stocks accounts for 54.37%.