Morning Bites (part 1)

🔗China’s aluminium products output jumped 10% YoY to 6.03mnt in June, vs. +1% YoY in May. Overall, monthly production dynamics were solid for the 12th consecutive month (ex. December 2022, with -4% YoY). Given China accounted for ~58% of world primary Al demand in 2022, increasing consumption is a favourable factor for the metal's price. However, once local electricity curbs are eased, China might relaunch some smelters (>2% of world 2022 Al supply), which could offset the positive effect

📈Chinese output of copper products was up 5% YoY in June to 2.11mt, decelerating from +11% YoY in May. The figure might have been partially supported by a 53% YoY growth in the output of domestic power generation equipment (vs. +30% YoY in May). Given China represents ~55% of global Cu consumption, this number is a potential positive for copper sentiment

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