Morning Bites (part 1)

📈China’s output of aluminium products jumped 12% YoY to 4.8mnt in January-February, the sharpest increase since March 2021, after the +6% YoY in December. Despite strong demand, Al prices remain subdued. On our numbers, ~50% of global non-integrated Al suppliers are breakeven or loss-making at spot, despite persistently strong demand for aluminium in China (~61% of world primary Al consumption in 2023). In our view, were the strong consumption dynamics to persist, this would bolster aluminium prices, in addition to the expected monetary easing in key economies (e.g., the US and EU) in 2024

🥉Chinese output of copper products dropped 8% YoY in January-February, to 1.4mnt, following the -10% YoY in December. As China remains the world's major copper consumer, representing ~58% of global Cu demand in 2023, were a further slowdown in downstream consumption to materialise, that would be an unfavourable factor for copper prices

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