Morning Bites (part 2)

🇨🇳Investment in China’s grid infrastructure fell 3% YoY in December, after the +8% YoY in November, per NBS data. Overall, the figure was up 15% YoY in 2024, and was 22% above the 2020-23 average. On our numbers, the grid accounted for 10-15% of Cu and Al demand in China, so upbeat investments (due to growing installations of renewable energy) are fundamentally supportive of demand for these base metals

Although State Grid sees only a 10% YoY capex increase in 2025, the actual figure might be higher, in our view: historically the company often exceeded its investment guidance

🥈Solar panel installations in China rose 29% YoY in December (also +29% YoY in 2024), vs. +18% YoY in November, per NEA data. Given the solid demand for renewable energy in China, we maintain 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