The following is an analysis segmented by the main indicators:

You can download the March note from the CoLAB > Studies and publications.

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Technological and Industrial Sector

• Semiconductor Boom: The Philadelphia Semiconductor Index (SOX) shows a steady and accelerating uptrend, reaching highs above 8,400 points in early March 2026. This suggests extremely strong demand or massive investment in the technology sector that does not seem to be slowing down.
• Metals Recovery: A rebound in the prices of key metals for the industry is observed. Steel, aluminum, zinc and copper show a clear upward trajectory in the first months of 2026. Copper, in particular, is approaching USD 14,000 per ton, which is often interpreted as a symptom of revival in manufacturing and energy transition.

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Energy and Logistics

• Energy Volatility: Brent crude oil shows an upward trend at the beginning of 2026, reaching previous resistance levels. On the other hand, the price of electricity in Spain shows high volatility, with a recent figure of 90.14 EUR/MWh (March 5), significantly lower than the 151.94 EUR/MWh in Italy.
• Before the current crisis in the Gulf, one could speak of a normalcy in Logistics: The Global Supply Chain Pressure Index remained close to zero, indicating that the extreme pressures experienced in previous years have dissipated, returning to historical average levels.
• Freight Rates: Drewry’s World Container Index, meanwhile, showed a 28% annual drop in the composite index, making import/export costs cheaper compared to 2025, despite slight rises on specific routes such as Rotterdam-Shanghai.

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Agricultural Raw Materials and Plastics

• Food: There is mixed behavior. While beef maintains an upward trend, products such as sugar have fallen in price. Cocoa has moderated its volatility after a massive spike in 2024.
• Plastics: Plastic resins (polyethylene, HDPE, LDPE) show a downward or stable trend since the end of 2024, which means a relief in packaging and plastic component costs for the industry.

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Macroeconomic Environment

• Inflation in Spain: Headline CPI stands at 2.3% (February 2026), but core inflation is higher (2.7%), indicating that price pressures have become structural in the consumption basket beyond energy and fresh food.
• Industrial Prices: The general IPRI in Spain recorded a negative rate of -2.9% in January 2026, mainly driven by the decrease in energy costs compared to the previous year, as the IPRI without energy remains in positive territory (0.8%).
• Currencies: The Euro has strengthened against the dollar, trading above 1.15 in March 2026. This favors imports of dollar-denominated commodities, but may detract from the competitiveness of European exports outside the eurozone.