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Morning Bites

📈China’s output of aluminium products fell 2% YoY to 5.9mnt in June, a reversal from the 10% YoY gain in May. The decline is likely associated with the one-off high base effect of June 2023. Given the persistently strong demand for Al in China (~60% of global consumption), bolstered by the rapid expansion of the local new energy sector, we maintain our positive view on the metal. On our numbers, spot Al is still trading below its fundamentally reasonable level for 2024 (USD >2,500/t)

🥉Chinese output of copper products declined 6% YoY in June to 2.0mnt, vs. the 12% YoY drop in May. Despite some slowdown, we note upbeat grid investment plans in China, as well as strong demand trends globally. Furthermore, the potential US Fed funds rate cut in September 2024 might add further positives to sentiment on the red metal's price, in our view

China represents ~55% of global Cu demand

#aluminium #copper
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