矿业ETF（561330）近5日净流入超3000万元，工业金属供需格局引关注

Core Insights - The industrial metals sector is experiencing an improving supply-demand dynamic, with prices expected to rise [1] - Electrolytic aluminum capacity utilization has reached a peak of 98%, indicating inelastic supply, where any demand surge or supply disruption could lead to shortages [1] - The average aluminum price has increased by 1,000 yuan/ton annually for several years, and if demand exceeds expectations next year, it may surpass historical highs [1] - Ongoing supply disruptions in copper mining, particularly the shutdown of the Grasberg mine, are projected to create a supply-demand gap of about 1% by 2026 [1] - High copper prices have not significantly stimulated capital expenditure increases, with expectations that copper prices will reach over 85,000 yuan/ton by 2026 [1] - Zinc concentrate port inventories have rebounded, alleviating supply tightness, while demand from the automotive and home appliance sectors is expected to maintain a tight balance [1] - The strategic importance of minor metals like tungsten and antimony is increasing, with limited supply growth and relaxed export controls, leading to a potential upward price trend [1] - The mining ETF (561330) tracks the non-ferrous metals index (931892), which includes listed companies involved in the extraction and processing of copper, aluminum, lead, and zinc [1] - This index exhibits strong cyclicality and sensitivity to commodity prices, effectively reflecting the operational trends of the non-ferrous metals mining industry [1]