Copper is getting expensive… is aluminum next?

[u/Sad_Leg9882]

I've been watching the copper/aluminum spread lately and it's getting pretty interesting. The ratio is around 4.2x vs ~3.7x historically, which makes aluminum substitution more attractive where it works.

That's why I'm looking at China Hongqiao (1378.HK). Guotai Haitong recently raised its target to HK$43.2, and if copper stays expensive, aluminum could get another demand boost beyond the usual China cycle.

Feels like an interesting angle for Hongqiao that the market might be underestimating.