Morning Bites

📈China’s output of aluminium products rose 1.5% YoY in July, at 5.6mnt, following flat YoY growth in June. In 7mo26, output was broadly unchanged 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 4.5% YoY in July to 2.1mnt, following the 2.3% YoY decrease in June. 7mo26 production rose 2.4% YoY. We maintain our bullish view on copper, supported by persistent supply-side constraints, including limited mine supply growth, declining ore grades and operational disruptions, along with growing grid investment in China and strong global demand. China accounts for approximately 55% of global Cu demand

#aluminium #copper