Morning Bites (part 2)

🔗China’s aluminium products output rose 1% YoY to 4.36mnt in Jan-Feb, vs. a 4% YoY decline in December. As these production levels are above historical highs, it implies robust demand for aluminium commodity. A persistence of this dynamic would bolster aluminium prices in 2023, we believe

📈China's output of copper products jumped 10% YoY in Jan-Feb to 1.56mnt, accelerating from the 4% YoY growth in December. The figure was supported by an 11% and 14% YoY increase in the output of domestic refrigerators and air conditioners, respectively

📌We maintain our positive view on copper and aluminium, as strong China PMIs are likely to raise the consumption of industrial metals, given China represents some 55% and 58% of world copper and aluminium demand, respectively. At the same time, global Cu and Al inventories remain low, which might amplify the positive effect on prices

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