2 Not much excitement for demand out of China's ‘Two Sessions’
The outcome from last week’s China ‘Two Session’ brought little excitement in terms of additional stimulus to copper demand growth over the medium term. Therefore, we have kept our China copper demand forecast unchanged at -1.3% YoY for 2020 (-2.9% global).
One of the widely discussed topics in the market has been the ‘New Infrastructure’ scheme that Beijing put forward earlier this year i.e. a repackaging and speeding up of existing infrastructure plans (see Fig.4). In fact, these are mixtures of old and relatively new plans if we compare this new scheme to the post-2018 GFC style or old infrastructure scheme.
Some areas from the new scheme are relative new growth areas and these include the fast-expanding electric vehicle sector and its charging infrastructures as well as 5G stations.
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June 01, 2020 at 09:59PM
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Copper growth: Still reliant on traditional sectors - ING Think
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