Morning Bites (part 1)

🇨🇳Investment in China’s grid infrastructure jumped 33% YoY in 2mo25, after the -3% YoY seen in December, per NBS data. The figure was also >70% above the 2020-23 average. On our numbers, the grid accounted for 10-15% of Al and Cu demand in China, so upbeat investments (due to the 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 has often exceeded its investment guidance

🥈Solar panel installations in China rose 2% YoY in January-February, vs. +29% YoY in December, 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