Morning Bites (part 1)

🔗China’s aluminium products output rose 1% YoY to 5.43mnt in May, vs. +4% YoY in April. Overall, monthly production has shown solid dynamics for 11 consecutive months (ex. December 2022, with -4% YoY). This could be a favourable factor for Al prices, as China accounted for ~58% of world primary Al demand in 2022. However, the positive effect might be offset by a potential production recovery, once the dry season is over and local power shortages are resolved

📈Chinese output of copper products was up 11% YoY in May to 2.00mt, in line with the April dynamics. The figure was likely supported by a 30% YoY jump in the output of domestic power generation equipment (vs. +56% YoY in April). In our view, the growing Cu demand from China (~55% of global consumption) could well have a positive effect on the red metal's price, especially amid record low copper stocks globally

#aluminium #copper
https://metals-wire.com:3000/news-reports