Morning Bites (part 2)

🥈Solar panel installations in China dropped a further 32% YoY in October, vs. the decline of 55% YoY in September, per NEA data, as some key subsidies for local solar projects expired in early-June, and investment in grid infrastructure has failed to keep pace with the surging installations of renewable energy capacity in the last several years. However, the figure was still up 38% YoY in 10mo25 terms

📸 Photovoltaic cell output in China rose 6% YoY in October, vs. the 34% YoY drop in September (which was mainly due to the high base effect). The local PV cells output was also up 27% YoY on 10mo25 basis

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