Morning Bites (part 2)

🇨🇳Investment in China’s grid infrastructure jumped 18% YoY in March after +33% YoY in 2mo25, per NBS data. The figure was also up 25% YoY in 1Q25. 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 65% YoY in March, vs. +2% YoY in January-February, per NEA data. The figure was up 17% YoY in 1Q25. 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