Morning Bites

📈China’s output of aluminium products jumped 8% YoY to 6.0mnt in September, slightly accelerating from the +6% YoY in August. Given the 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. We also note that at spot aluminium is still trading below its fundamentally reasonable price for 4Q24-2025 (USD 2,700-3,000/t, on our numbers)

🥉China's output of copper products was flat YoY in September, at 2.0mnt, after the 3% YoY gain in August. We reiterate our view that hefty grid investments in China, strong demand trends globally and monetary easing in key economies (the US/EU and China) are likely to add further support to the red metal's price. China represents ~55% of global Cu demand

#aluminium #copper
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