Morning Bites (part 2)

🏭Global primary aluminium output grew 1.3% YoY in October, in line with September's dynamics, according to International Aluminium Institute data. Chinese production (60% of global Al output) was up 1.8% YoY last month. Overall, strong consumption dynamics in Asia (incl. grid) and the ongoing monetary easing cycle in key economies (EU/US and China) is likely to add further support to Al in 2025, which continues to trade below what we see as its fundamentally reasonable level (USD 3,000/t, on our numbers)

We also note that there is limited potential for additional supply growth in China, as local Al output is capped at 45mnt (vs. ~43.2mnt annualised in 10mo24)

#aluminium   
https://metals-wire.com/sector/Aluminium