Core Viewpoint - The divergence in the price trends of aluminum and copper is primarily attributed to the differences in production capacity in the Middle East, particularly influenced by the ongoing geopolitical tensions in the region [2][3]. Group 1: Aluminum Market - As of March 5, aluminum prices reached approximately $3,310 per ton, reflecting a year-on-year decrease of 0.8% but a 5% increase from the closing price of $3,141 per ton on February 27 [2]. - Qatar Aluminum, a subsidiary of Qatar Energy, announced a gradual production halt due to the suspension of natural gas production, affecting its annual capacity of about 650,000 tons, which has led to a surge in global aluminum prices [2]. - The Middle East accounts for 9% of the global aluminum supply, with a total electrolytic aluminum production capacity of 6.92 million tons and an actual output of approximately 6.85 million tons [4]. Group 2: Copper Market - As of March 4, copper prices were around $12,943 per ton, down from $13,296 per ton on February 27, indicating a weaker trend compared to aluminum [3]. - The Middle East has limited copper resources, with Iran's copper production at about 320,000 tons in the first ten months of 2025, representing only 1.7% of global output [6]. - Current global electrolytic copper market inventories are nearing 2 million tons, indicating an oversupply situation, which, combined with rising oil and gas prices due to geopolitical tensions, is expected to suppress copper demand and prices [6][7].