Morning Bites

🇨🇳China’s grid infrastructure investment jumped 14% YoY in May, following the +47% YoY in April, according to data from the National Bureau of Statistics. On the 5mo24 basis, investments were up 22% YoY, and were also 31% above the 5mo20-23 average. In our view, this might be one of the key factors behind the recent rally in copper and aluminium prices, as the grid accounts for 10-15% of Cu and Al consumption in China, on our numbers

Overall, the data underpins China's plans to expand local infrastructure in order to match the growing installations of renewable energy. We do not expect the dynamics to slow in the coming years and keep our positive view on silver, copper and aluminium, which are the key beneficiary metals of the global clean energy transition in 2024-30

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