Morning Bites

📉China’s output of aluminium products was flat YoY in December, at 6.1mnt, as it was in November. In 2025, output declined 2% YoY. Nevertheless, it is our view that the rapid expansion of the electricity 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 the key factors driving aluminium market fundamentals in the medium term

🥉China's output of copper products declined 2% YoY in December to 2.2mnt, vs. the 4% gain YoY in November. FY25 production rose 9% YoY. We reiterate our view that large scale grid investments in China, solid demand trends globally and the monetary policy easing cycle in key economies are likely to add further support to the red metal’s fundamentals. China represents ~55% of global Cu demand

#aluminium #copper