Morning Bites

🇨🇳Investment in China’s grid infrastructure grew 8% YoY in November, after the 17% YoY growth in October, according to the NBS data. On an 11mo24 basis, the figure jumped 19% YoY, and was 27% above the 11mo20-23 average. On our numbers, the grid accounted for 10-15% of Cu and Al demand in China, so upbeat investments are fundamentally supportive for the demand for these base metals

We 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), amid growing installations of renewable energy

🥈Solar panel installations in China rose 18% YoY in November, vs. the 48% YoY gain in October, per NEA data. On a YTD basis, the figure grew 28% YoY. Given the solid demand for renewable energy in China, we keep our positive view on silver, copper and aluminium, which are the key beneficiary metals of the proposed global transition to clean energy in 2024-30

#silver #copper #aluminium
https://metals-wire.com/news-reports