Non-ferrous Metals ETF Guotai (159881) pulled back over 4.5%, Middle East geopolitical conflicts continue to escalate, non-ferrous supply remains constrained, the pullback may present a layout opportunity.

On March 19, the ChinaAMC Copper ETF (159881) fell over 4.5%. The ongoing Middle East geopolitical conflict continues to intensify, restricting non-ferrous metal supply, which may present a buying opportunity during the pullback.

Western Securities pointed out that in the industrial metals sector, the Middle East conflict persists, increasing the risk of aluminum smelter shutdowns. The six Middle Eastern countries’ aluminum capacity accounts for over 9% of global production, with Qatar and Bahrain facing rising supply risks. In early March 2026, affected by the US-Israel-Iran conflict, a Qatar aluminum plant fully halted operations due to natural gas supply issues, and Bahrain Aluminum declared force majeure after shipping routes were blocked. The systemic risk to Middle Eastern aluminum supply is gradually increasing. Additionally, four nickel plants in Indonesia have temporarily shut down due to landslides, involving about 30% of Indonesia’s high-pressure acid leaching (HPAL) capacity, potentially impacting the global nickel supply chain.

The ChinaAMC Copper ETF (159881) tracks the CSI Nonferrous Metal Index (930708), which selects listed companies involved in nonferrous metal mining, smelting, and processing from the Shanghai and Shenzhen markets. The index covers sectors such as copper, gold, aluminum, rare earths, and lithium, reflecting the overall performance and market size of listed companies in the nonferrous metals industry.

Risk Reminder: Mentioned individual stocks are for industry event analysis only and do not constitute any stock recommendation or investment advice. Short-term index fluctuations are for reference only and do not predict future performance, nor do they guarantee fund performance. Views may change with market conditions and do not constitute investment advice or promises. Different funds have varying risk and return profiles; investors should carefully read the fund’s legal documents, understand product features, risk levels, and distribution principles, and choose products matching their risk tolerance. Please refer to legal documents for fund fee details.

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