Morning Bites

📉China’s output of aluminium products dropped 5% YoY to 5.5mnt in August, vs. the -2% YoY in July. In our view, the expansion of the grid and new energy sector in China (~60% of global consumption), combined with the Al output cap in China, remain among key factors, bolstering Al fundamentals in the medium term

🥉China's output of copper products jumped 15% YoY in August to 2.2mnt, vs. the +14% YoY in July. We reiterate our view that surging grid investments in China, solid demand trends globally and the monetary policy easing cycle in key economies (the US/EU and China) are likely to add further support to the red metal’s price (which we expect to reach USD 12,000/t in the coming quarters). China represents ~55% of global Cu demand

#aluminium #copper