Morning Bites (part 1)

📈China’s output of aluminium products grew 6% YoY to 5.8mnt in August, roughly in-line with the 5% YoY gain in July. Given the persistently strong demand for Al in China (~60% of its global consumption), bolstered by the rapid expansion of the local new energy sector, we maintain our positive view on the metal. We are the fundamentally reasonable price level for Al in 4Q24-2025 at USD >2,700/t

🥉Chinese output of copper products rose 3% YoY in August to 1.9mnt, after the 1% YoY rise in July. We reiterate our view that bullish grid investment plans in China, strong demand trends globally and monetary easing measures in key economies (the US, EU and China) are likely to add further support to the red metal's price. On our numbers, China represents ~55% of global Cu and demand

#aluminium #copper
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