Morning Bites (part 1)

📈China’s output of aluminium products rose 10% YoY to 5.9mnt in May, accelerating from the +8% YoY in April. 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

🥉Chinese output of copper products fell 12% YoY in May to 1.8mnt, vs. the -4% YoY in April. 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 the US in 2024 might add further positives to sentiment on the red metal's price

China represents ~55% of global Cu demand

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