Commerzbank’s Norman Liebke highlights that China’s July trade data will be key for base metals, especially Aluminium. Chinese Aluminium output in H1 exceeded the official cap, suggesting production may ease later this year. Combined with higher energy costs and low LME stocks, the bank expects Aluminium prices to trend higher over coming months.
Chinese output and stocks underpin outlook
“In addition, the data should provide indications of developments in aluminium and copper production in China.”
“In the first half of the year, Chinese aluminium production, with annualized output of just under 46.4 million tons, was significantly above the…
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