Morning Bites (part 1)

🏭Global primary aluminium output increased 3.3% YoY in April, decelerating from the revised +3.8% YoY in March, the International Aluminium Institute reports. Specifically, China’s production (59% of global Al output) rose 4.7% YoY, following the improved power supply in previously drought-hit parts of the country's hydro-electric system. The spot Al price, however, has gained ~25% since its lows in January 2024, as strong demand from China’s new-energy sector (e.g., solar panels and wind turbines) has offset the negative effects on prices from continuous production growth, we believe

In our view, the solid consumption dynamics in China and widely expected monetary easing in key global economies (e.g., the US and EU) in 2024, might further support the Al price

#aluminium  
https://metals-wire.com/sector/Aluminium