Morning Bites

📉China’s output of aluminium products slid 4% YoY to 5.7mnt in October, vs. the 2% YoY decline in September. In our view, the rapid expansion of the grid and the new energy sector in China (which accounts for ~60% of global consumption), combined with the country’s Al output cap, remain among key factors driving aluminium market fundamentals in the medium term

🥉China's output of copper products rose 2% YoY in October to 2.0mnt, vs. the +11% YoY in September. We reiterate our view that upbeat 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, on average, USD 12,300/t in 2026). China represents ~55% of global Cu demand

#aluminium #copper