Morning Bites (part 2)

📈China’s output of aluminium products rose 4% YoY to 6.0mnt in March, following the 12% YoY jump in January-February. Persistently strong demand for aluminium in China (~61% of world primary Al consumption in 2023), in our view, partly contributed to recent Al price recovery. A continuation of these strong consumption dynamics would add additional support to aluminium prices, in addition to the widely expected monetary easing in key economies (e.g., the US and EU) in 2024, we believe

🥉Chinese output of copper products declined 9% YoY in March to 2.0mnt (vs. -8% YoY in January-February), partially driven by the slowdown in the production of power generation equipment (-6% YoY in March). Overall, we maintain our positive view on copper, amid growing demand for renewables, though the spot Cu price is already ~50% above the 90th %-ile marginal costs, on our numbers, supported by favourable market conditions

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