[SMM Analysis] Copper prices have surged recently. On the surface, the current hot topics in the copper market are focused on the following areas: the widening LME-COMEX price spread, copper concentrate TCs hitting new lows again, the energy crisis in Peru, the repeated fluctuations in the pace of Grasberg's production resumptions, and the substitution effect between copper cathode and copper scrap in China. However, from a deeper perspective, all these events can be understood under a single theme: the growing global emphasis on copper resource security, with the market repricing the entire industry chain.

The Indonesian bauxite market in 2026 is being shaped by three concurrent developments that, when read together, point toward a meaningful and potentially rapid price recovery. Individually, each is significant. Together, they form a self-reinforcing mechanism that the market has not yet fully priced in.

[South Africa Initiated a Second Sunset Review Investigation of Safeguard Measures on Imported Threaded Fasteners of Iron or Steel] On March 6, 2026, the WTO Committee on Safeguards issued a safeguards notification submitted by the South African delegation. On February 27, 2026, the International Trade Administration Commission of South Africa (ITAC) published a notice and, upon an application filed by the South African industry association South African Fasteners Manufacturers Association (SAFMA), initiated a second sunset review investigation of safeguard measures on imported threaded fasteners of iron or steel.

The core PCE data released by the US for January showed that its increase reached 3.1% YoY, the highest level since March 2024, while the MoM increase held unchanged at 0.4%, with both readings in line with market expectations. Currently, the market expects the US Fed to keep interest rates unchanged at next week’s monetary policy meeting. However, if inflationary pressures continue to intensify, the window for the US Fed to resume interest rate cuts may be further delayed.

Integrated Circuit (Chip): 1. TSMC's advanced 3-nanometer process is facing rare production bottlenecks, with its capacity fully booked until 2027. 2. Moore Threads: Revenue for 2025 is projected to range from 1.45 billion yuan to 1.52 billion yuan. 3. Japanese automakers collaborate with chip suppliers to establish a database to prevent supply disruptions and geopolitical impacts. 4. The U.S. states its goal is to relocate 40% of Taiwan's semiconductor supply chain capacity to the United States; Taiwan Affairs Office responds.

Anhui Hanchen Aluminum Alloy Precision Manufacturing Co., Ltd. is planning a three-phase project to produce 57,000 tons of precision aluminum tubes for home appliances and automobiles annually. With a total investment of approximately 300 million yuan, the project will be constructed in three phases. Phase I, with a planned investment of approximately 60 million yuan, will construct production lines for precision drawn tubes, internally threaded aluminum tubes, and battery casings. Upon commissioning, the project will have an annual output of 12,000 tons of various precision tubes, generating an estimated annual output value of 300 million yuan. Construction work is largely complete, with equipment installation and commissioning imminent. The project is scheduled to be fully operational by early next year.