Morning Bites (part 2)

🇨🇳China’s grid infrastructure investment surged 25% YoY in 4mo24, according to National Bureau of Statistics data. The figure was also 40% above the 4mo20-23 average. In our view, this might be one of the key factors behind the recent rally in copper and aluminium prices (at spot, +20% and +17% vs. the early-2024 levels, respectively), as the grid accounts for 10-15% of Cu and Al consumption in China, on our numbers

Overall, the data underpin China's plans to expand local infrastructure in order to match growing installations of renewable energy. To recap, in 2023, installed solar energy capacity in China rose 55% YoY to 610GW (~40% of the global capacity), while we do not expect the dynamics to slow in coming years

We reiterate our positive view on silver, copper and aluminium -- key beneficiary metals of global clean energy transition in 2024-30

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