Morning Bites (part 3)

🇨🇳 Investment in China’s grid infrastructure increased 12% YoY in September, vs. the +65% YoY in August (from the low base), according to National Bureau of Statistics data. On a 9mo24 basis, investment was up 21% YoY, and was also 30% above the 9mo20-23 average. In our view, the heightened level of grid investment is likely to add additional positive impetus to the sentiment toward industrial metals such as copper and aluminium, as the grid accounts for 10-15% of Cu and Al consumption in China, we estimate

We also recap that China is to invest ~USD 800bn (per Rystard Energy estimates) 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 reiterate 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