有色日报：沪铝走高-20260304

1. Report Industry Investment Rating - There is no information provided regarding the report industry investment rating in the given content. 2. Core Views - Copper: Today, Shanghai copper opened lower and moved higher, facing overall pressure, mainly driven by the tightening of macro - liquidity. The US dollar index reached a new high due to the Middle - East geopolitical conflict pushing up energy prices and strengthening the expectation of the Fed delaying interest rate cuts. Fundamentally, it presents a pattern of "high inventory + weak demand". In February, China's manufacturing PMI dropped to 49.0%, lower than expected, with the business climate of medium and small - sized enterprises continuously contracting and weak recovery of terminal consumption. The accumulation of inventory and macro - level suppression resonate, leading to the weak and volatile trend of Shanghai copper [5]. - Aluminum: Shanghai aluminum has strengthened recently, mainly driven by the Middle - East geopolitical risks. The shipping disruption in the Strait of Hormuz threatens part of the global electrolytic aluminum production capacity. Countries like Iran and Qatar are highly dependent on imported alumina, and the risk of supply interruption has pushed up global aluminum prices, which are then transmitted to the domestic market. The geopolitical event affects global supply, and combined with the approaching "Golden March and Silver April" consumption season and the increasing expectation of macro - policies, it jointly promotes the strengthening of Shanghai aluminum [6]. 3. Summary of Related Charts Copper - The report provides charts on copper, including copper basis, copper monthly spread, Shanghai Futures Exchange warehouse receipts, LME inventory, COMEX inventory, and LME copper premium/discount [8][9][10]. Aluminum - The report provides charts on aluminum, including aluminum basis, aluminum monthly spread, Shanghai Futures Exchange warehouse receipt daily report, Shanghai - LME ratio, LME inventory, and LME aluminum premium/discount [18][19][21].