Morning Bites

📈China’s output of aluminium products rose 8% YoY to 5.8mnt in April, accelerating from the +4% YoY in March. Given the persistently strong demand for Al in China (~60% of global consumption), bolstered by the rapid expansion of the new energy sector, we maintain our positive long-term view on aluminium. Meanwhile, on our numbers, the metal’s price has already reached its fundamentally reasonable level for 2024 (USD 2,700-2,800/t)

🥉Chinese output of copper products dropped 4% YoY in April to 1.8mnt, decelerating from the -9% YoY in March. Despite some slowdown in consumption, the demand trends remain strong, while global copper visible inventories are close to their historical lows. Furthermore, the widely expected monetary easing in key economies (e.g., the US and EU) in 2024 might add additional impetus to the red metal's price, we believe. China remains the world's largest consumer of copper, representing ~55% of global Cu demand

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