Morning Bites

📉China’s output of aluminium products inched down 2% YoY to 5.9mnt in September, vs. the 5% YoY decline in August. In our view, the rapid expansion of the grid and new energy sector in China (~60% of global consumption), combined with the country’s Al output cap, remain among key factors, bolstering aluminium market fundamentals in the medium term

🥉China's output of copper products jumped 11% YoY in September to 2.2mnt, vs. the +15% YoY in August. 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