Morning Bites (part 1)

🏭Global primary aluminium output increased 3.4% YoY in May, in line with the +3.5% YoY in April, the International Aluminium Institute reports. Specifically, China’s production (60% of global Al output) rose 4.9% YoY, following improved power supply from the country's hydro-electric system, as well as smelters’ solidified margins. We note that spot Al price has gained ~15% since January 2024 lows, as upbeat 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 (+4.0% YTD), we believe

In our view, solid consumption dynamics in China and widely expected monetary easing in the US in 2024, might add further support to the Al price

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