Morning Bites (part 1)

🔗China’s aluminium products output shrank 4% YoY to 5.62mt in December, vs. +7% YoY in November. Despite the slowdown in production, the monthly output during 2H22 was still close to its historical highs. Therefore, were the generally strong dynamics to persist, that could be favourable for aluminium prices: China accounted for ~58% of world primary Al demand in 2022

📈Chinese output of copper products was up 4% YoY in December to 2.16mt, decelerating from the 9% YoY growth in November. The figure was supported by a 36% YoY surge in the output of domestic power generation equipment (vs. +8% YoY in November)

📌We keep our positive view on copper and aluminium, as the reopening of China is likely to bolster industrial metals consumption. At the same time, traceable stocks of Cu and Al remain low, globally, which might amplify the positive effect on their prices

#aluminium #copper
https://metals-wire.com:3000/news-reports