Morning Bites

🏭Global primary aluminium output grew 3.0% YoY in November, vs. the 1.3% YoY gain in October, per International Aluminium Institute data. Chinese production (60% of global Al output) gained 4.6% YoY last month. Overall, strong consumption dynamics in Asia (incl. grid) and the ongoing monetary easing cycle in key economies (EU/US and China) are likely to add further support to Al, which continues to trade below what we see as its fundamentally reasonable level (USD 2,800-3,000/t for 2025, 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 11mo24)

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