Morning Bites (part 1)

🇨🇳China’s grid infrastructure investment surged 28% YoY in June, accelerating from the +14% YoY in May, according to data from the National Bureau of Statistics. On the 1H24 basis, investments were up 24% YoY, and were also 38% above the 1H20-23 average. In our view, strong grid construction dynamics could add material support to copper and aluminium prices, as the grid accounts for 10-15% of Cu and Al consumption in China, on our numbers

Furthermore, China is set to invest ~USD 800bn in the local grid in 2025-30 (vs. USD ~450bn spent in 2018-23), as Beijing aims to match the growing installations of renewable energy. Hence, we keep our positive view on silver, copper and aluminium, which are the key beneficiary metals of the proposed global clean energy transition in 2024-30

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