According to a research report by Huatai Securities, in the first half of 2026, the average spot price of LME copper is expected to increase by 38.7% year-on-year, with the average price in the second quarter of 2026 rising by 3.8% quarter-on-quarter and 40% year-on-year; the average price of electrolytic aluminum in the first half of 2026 is expected to increase by 18.7% year-on-year, with the Q2 average rising by 1% quarter-on-quarter.

Copper prices continue to rise, with mining companies that have a high self-sufficiency rate benefiting significantly; in addition, smelting companies have also benefited from the rising prices of sulfuric acid, a by-product. The aluminum sector benefited from a significant increase in electrolytic aluminum prices in the first half of 2026. According to the 2026 H1 performance pre-increase announcements from various companies, the core reasons for profit differentiation in the aluminum industry include procurement optimization, production process improvements, upgrading of high-end product structures, and differences in supply chain and cost management.