Morning Bites (part 1)
🔗China’s crude steel output was broadly flat YoY in November, vs. the -2% YoY in October. On the 11mo23 basis, the figure was still up 1.5% YoY. According to Bloomberg, Chinese steel production will likely show positive dynamics for the first time in three years, as economic concerns are prioritised over emissions targets. China represents ~57% of global steel supply
🏢Property sales in China were down 21% YoY in November (in line with September and October), being 55% below the levels of 2020. Floor space starts, however, rose 5% YoY last month (-21% YoY in October), while personal mortgage loans were down 14% YoY (-16% YoY in October). Meanwhile, property completions grew 10% YoY. Despite the ongoing stagnation in China's real estate sector, Beijing’s efforts to bolster the economy via construction activity might add support to the demand for industrial metals in 2024, we believe
#steel #property
https://metals-wire.com/sector/Steel
🔗China’s crude steel output was broadly flat YoY in November, vs. the -2% YoY in October. On the 11mo23 basis, the figure was still up 1.5% YoY. According to Bloomberg, Chinese steel production will likely show positive dynamics for the first time in three years, as economic concerns are prioritised over emissions targets. China represents ~57% of global steel supply
🏢Property sales in China were down 21% YoY in November (in line with September and October), being 55% below the levels of 2020. Floor space starts, however, rose 5% YoY last month (-21% YoY in October), while personal mortgage loans were down 14% YoY (-16% YoY in October). Meanwhile, property completions grew 10% YoY. Despite the ongoing stagnation in China's real estate sector, Beijing’s efforts to bolster the economy via construction activity might add support to the demand for industrial metals in 2024, we believe
#steel #property
https://metals-wire.com/sector/Steel
Morning Bites (part 2)
💎India’s rough diamond net imports fell 79% YoY in November, following the voluntary trading freeze (vs. +12% in October). Meanwhile, India’s polished diamond net exports dropped 27% YoY, decelerating from the -41% YoY in October. Synthetic rough diamond net imports fell 32% YoY (after a 72% YoY surge in October). Noteworthy, the share of lab-grown net rough imports in diamond trading stood at 21% in November, vs. the average level of 7% since 2021, likely amid halted natural rough diamond imports. Overall, on our numbers, the midstream stocks are gradually switching into release area, which is a favorable factor for the stressed diamond market
To recap, India represents ~95% of the global polished stones supply
#diamonds
https://metals-wire.com/sector/Diamonds
💎India’s rough diamond net imports fell 79% YoY in November, following the voluntary trading freeze (vs. +12% in October). Meanwhile, India’s polished diamond net exports dropped 27% YoY, decelerating from the -41% YoY in October. Synthetic rough diamond net imports fell 32% YoY (after a 72% YoY surge in October). Noteworthy, the share of lab-grown net rough imports in diamond trading stood at 21% in November, vs. the average level of 7% since 2021, likely amid halted natural rough diamond imports. Overall, on our numbers, the midstream stocks are gradually switching into release area, which is a favorable factor for the stressed diamond market
To recap, India represents ~95% of the global polished stones supply
#diamonds
https://metals-wire.com/sector/Diamonds
Morning Bites
🏦China purchased a further 12t of gold in November (~3% of 2022 gold demand, in annualised terms), after the 23t in October, marking the 13th consecutive month of reserves accumulation. Hence, the PBoC's gold holdings now stand at 2,226t, with ~278t added since November 2022 (5% of annualised demand). Overall, given the strong demand from global central banks, as well as miners’ rising cash costs and the potentially lower US Fed funds rate in 1Q24, we maintain our bullish view on gold's performance
#gold
https://metals-wire.com/sector/Gold
🏦China purchased a further 12t of gold in November (~3% of 2022 gold demand, in annualised terms), after the 23t in October, marking the 13th consecutive month of reserves accumulation. Hence, the PBoC's gold holdings now stand at 2,226t, with ~278t added since November 2022 (5% of annualised demand). Overall, given the strong demand from global central banks, as well as miners’ rising cash costs and the potentially lower US Fed funds rate in 1Q24, we maintain our bullish view on gold's performance
#gold
https://metals-wire.com/sector/Gold
Morning Bites
💍China’s jewellery and watch retail sales rose 2% YoY in November, after the 45% YoY spike in October (mostly driven by the low base effect). This was the highest November result on record, with sales also 3% above the 2021 level (as well as +65% vs. November 2019). According to Rapaport, local trading is improving ahead of the holidays, but consumers are shifting to lower-priced categories: overall, the diamond sector keeps sending the initial signs of a recovery, bolstered by the resumption of Indian imports and the market environment improving. Were this recovery trend to persist, it would add support to the stressed diamond sector, we believe
#diamonds
https://metals-wire.com/sector/Diamonds
💍China’s jewellery and watch retail sales rose 2% YoY in November, after the 45% YoY spike in October (mostly driven by the low base effect). This was the highest November result on record, with sales also 3% above the 2021 level (as well as +65% vs. November 2019). According to Rapaport, local trading is improving ahead of the holidays, but consumers are shifting to lower-priced categories: overall, the diamond sector keeps sending the initial signs of a recovery, bolstered by the resumption of Indian imports and the market environment improving. Were this recovery trend to persist, it would add support to the stressed diamond sector, we believe
#diamonds
https://metals-wire.com/sector/Diamonds
Morning Bites
💎De Beers has reported sales of USD 130mn at its 10th cycle in 2023, ~70% below the historical average and 69% weaker YoY (vs. -81% YoY at the 9th cycle in 2023), broadly in line with the preliminary estimates. The miner's total 2023 sales fell 37% YoY to USD 3.6bn. To recap, the weak dynamics seen in recent cycles has reflected the supply discipline measures announced by De Beers and Alrosa (which jointly accounted for ~60% of global rough diamonds output in 2022). According to De Beers CEO Al Cook, the diamond sector is regaining its balance, while polished prices look to have stabilised as inventory levels have decreased. Overall, this underpins the looming recovery in the stressed diamond sector, also bolstered by the resumption of Indian imports
#diamonds
https://metals-wire.com/sector/Diamonds
💎De Beers has reported sales of USD 130mn at its 10th cycle in 2023, ~70% below the historical average and 69% weaker YoY (vs. -81% YoY at the 9th cycle in 2023), broadly in line with the preliminary estimates. The miner's total 2023 sales fell 37% YoY to USD 3.6bn. To recap, the weak dynamics seen in recent cycles has reflected the supply discipline measures announced by De Beers and Alrosa (which jointly accounted for ~60% of global rough diamonds output in 2022). According to De Beers CEO Al Cook, the diamond sector is regaining its balance, while polished prices look to have stabilised as inventory levels have decreased. Overall, this underpins the looming recovery in the stressed diamond sector, also bolstered by the resumption of Indian imports
#diamonds
https://metals-wire.com/sector/Diamonds
Morning Bites
🚘EU + UK passenger car registrations grew 7% YoY in November, vs. the 15% YoY increase in October, meeting our estimates. However, the sales figures were still 11% below the pre-COVID, 2019 level (-14% in October). To recap, the EU+UK accounted for some 20% and 32% of global autocatalyst Pd and Pt demand, respectively, in 2022. Hence, given the slow economic activity in the region (indicated by the weak PMIs data), we reiterate our view that European car sales are likely to remain subdued, at least in the short term, which might weigh further on PGM consumption
⛏️Panama has ordered the closure of the Cobre Panama mine, following the widespread protests, First Quantum’s CEO reported. The miner has received an initial framework from the Panamanian authorities for closing the mine by June 2024. To recap, Cobre Panama is one of the world’s largest copper mines, with a ~2% share in global mined output
#cars #copper
https://metals-wire.com/news-reports
🚘EU + UK passenger car registrations grew 7% YoY in November, vs. the 15% YoY increase in October, meeting our estimates. However, the sales figures were still 11% below the pre-COVID, 2019 level (-14% in October). To recap, the EU+UK accounted for some 20% and 32% of global autocatalyst Pd and Pt demand, respectively, in 2022. Hence, given the slow economic activity in the region (indicated by the weak PMIs data), we reiterate our view that European car sales are likely to remain subdued, at least in the short term, which might weigh further on PGM consumption
⛏️Panama has ordered the closure of the Cobre Panama mine, following the widespread protests, First Quantum’s CEO reported. The miner has received an initial framework from the Panamanian authorities for closing the mine by June 2024. To recap, Cobre Panama is one of the world’s largest copper mines, with a ~2% share in global mined output
#cars #copper
https://metals-wire.com/news-reports
Morning Bites (part 1)
🔗Global crude steel output rose 3% YoY to 146mnt in November, after the 1% YoY increase in October, the World Steel Association reports. Meanwhile, China’s production (~56% of global crude steel supply) was roughy flat YoY, following the 2% YoY fall in October, while ex-China steel output jumped 7% YoY. In particular, EU supply rose 3% YoY (vs. -7% YoY in October), most likely due to the low base effect (November 2022 production was -20% YoY). On the other hand, output in India (~7% of global steel supply) jumped 11% YoY in November (+12% YoY in 11mo23). US steel production added 6% YoY, while Russia’s output surged 13% YoY (+6% in 11mo23)
#steel
https://metals-wire.com/sector/Steel
🔗Global crude steel output rose 3% YoY to 146mnt in November, after the 1% YoY increase in October, the World Steel Association reports. Meanwhile, China’s production (~56% of global crude steel supply) was roughy flat YoY, following the 2% YoY fall in October, while ex-China steel output jumped 7% YoY. In particular, EU supply rose 3% YoY (vs. -7% YoY in October), most likely due to the low base effect (November 2022 production was -20% YoY). On the other hand, output in India (~7% of global steel supply) jumped 11% YoY in November (+12% YoY in 11mo23). US steel production added 6% YoY, while Russia’s output surged 13% YoY (+6% in 11mo23)
#steel
https://metals-wire.com/sector/Steel
Morning Bites (part 2)
💎Ekati diamond mine's sales spiked 40% YoY to USD 170mn in 4Q23, Rapaport reports. According to Burgundy CEO Kim Truter, the diamond market is showing resilience and stronger than expected retail sales. We note that the miner has realised all of its available rough-diamond inventories (except for >10ct stones, which are sold at special auctions). Overall, the news is supportive for sentiment on the stressed diamond sector, and underpins its looming recovery, in our view
To recap, Ekati is the largest Canadian diamond mine, and accounted for >3% of global rough supply in 2022
#diamonds
https://metals-wire.com/sector/Diamonds
💎Ekati diamond mine's sales spiked 40% YoY to USD 170mn in 4Q23, Rapaport reports. According to Burgundy CEO Kim Truter, the diamond market is showing resilience and stronger than expected retail sales. We note that the miner has realised all of its available rough-diamond inventories (except for >10ct stones, which are sold at special auctions). Overall, the news is supportive for sentiment on the stressed diamond sector, and underpins its looming recovery, in our view
To recap, Ekati is the largest Canadian diamond mine, and accounted for >3% of global rough supply in 2022
#diamonds
https://metals-wire.com/sector/Diamonds
Morning Bites
🏗China’s excavator sales were down 37% YoY in November (domestic + export), after the 29% YoY fall in October, according to the CCMA data. The decline was slightly more dramatic than the initial estimates (-34% YoY). Specifically, the local market’s sales plunged 48% YoY (vs. -40% YoY in October). In our view, the continuously weak domestic excavator sales (which is one of the key indicators of construction activity) underpins the ongoing stagnation in China’s property sector. That might further weigh on the demand for industrial metals. However, Beijing’s efforts to bolster the economy via construction activity could add support to the demand for these metals in 2024, we believe
To recap, China accounts for 52% of global steel consumption, as well as 55% and 58% of world Cu and Al demand, respectively
#steel
https://metals-wire.com/sector/Steel
🏗China’s excavator sales were down 37% YoY in November (domestic + export), after the 29% YoY fall in October, according to the CCMA data. The decline was slightly more dramatic than the initial estimates (-34% YoY). Specifically, the local market’s sales plunged 48% YoY (vs. -40% YoY in October). In our view, the continuously weak domestic excavator sales (which is one of the key indicators of construction activity) underpins the ongoing stagnation in China’s property sector. That might further weigh on the demand for industrial metals. However, Beijing’s efforts to bolster the economy via construction activity could add support to the demand for these metals in 2024, we believe
To recap, China accounts for 52% of global steel consumption, as well as 55% and 58% of world Cu and Al demand, respectively
#steel
https://metals-wire.com/sector/Steel
Morning Bites (part 1)
🔗CISA mills' daily crude steel production during mid-December was reported at 1.93mnt, in line with the previous ten days and down 1.8% YoY, marking the tenth consecutive 10-day period of declines. Meanwhile, local steel inventories grew 6.5% over the period (-6.1% YoY). Overall, China’s YTD steel output remained up 1.8% YoY, according to the CISA data, despite Beijing’s efforts to keep national output below its 2022 levels. The Chinese government’s stated intention to bolster the economy via the property sector might, however, boost local steel demand in 2024, supporting steel products prices, in our view
#steel
https://metals-wire.com/sector/Steel
🔗CISA mills' daily crude steel production during mid-December was reported at 1.93mnt, in line with the previous ten days and down 1.8% YoY, marking the tenth consecutive 10-day period of declines. Meanwhile, local steel inventories grew 6.5% over the period (-6.1% YoY). Overall, China’s YTD steel output remained up 1.8% YoY, according to the CISA data, despite Beijing’s efforts to keep national output below its 2022 levels. The Chinese government’s stated intention to bolster the economy via the property sector might, however, boost local steel demand in 2024, supporting steel products prices, in our view
#steel
https://metals-wire.com/sector/Steel
Morning Bites (part 2)
🏭Global primary aluminium output grew 3% YoY in November, vs. the 4% YoY increase in October, the International Aluminium Institute reports. Specifically, China’s output rose 3% YoY, while ex-China production gained 4% YoY. China (59% of global Al output in 2022) is ramping up its production (+3.2% YoY in 11mo23) following the improved power supply in previously drought-hit parts of the country's hydro-electric system. Overall, China’s production was up 1.2mnt, on a YTD basis, which is in line with previous indications of a possible resumption of 1.3mnt of China’s halted Al capacity (~2% of global 2022 output). However, we do not anticipate a more robust production increase in the short term, as >50% of global Al suppliers are currently breakeven or loss-making at spot, on our numbers, due to subdued Al prices
#aluminium
https://metals-wire.com/sector/Aluminium
🏭Global primary aluminium output grew 3% YoY in November, vs. the 4% YoY increase in October, the International Aluminium Institute reports. Specifically, China’s output rose 3% YoY, while ex-China production gained 4% YoY. China (59% of global Al output in 2022) is ramping up its production (+3.2% YoY in 11mo23) following the improved power supply in previously drought-hit parts of the country's hydro-electric system. Overall, China’s production was up 1.2mnt, on a YTD basis, which is in line with previous indications of a possible resumption of 1.3mnt of China’s halted Al capacity (~2% of global 2022 output). However, we do not anticipate a more robust production increase in the short term, as >50% of global Al suppliers are currently breakeven or loss-making at spot, on our numbers, due to subdued Al prices
#aluminium
https://metals-wire.com/sector/Aluminium
Morning Bites (part 3)
🪨China is to impose a 3% import tariff on coking coal from January 2024, excluding Australia and ASEAN countries (due to the trade agreements), SteelOrbis reports. Hence, the decision is set to be focused mostly on imports from Russia and Mongolia. Although the measure came in line with the initially stated timing (May 2022 to December 2023), it might add slight support to coal prices in 2024, we believe
To recap, China accounted for 28% of global coking coal imports in 2023E, per the IEA estimates
#coal
https://metals-wire.com/sector/Coal
🪨China is to impose a 3% import tariff on coking coal from January 2024, excluding Australia and ASEAN countries (due to the trade agreements), SteelOrbis reports. Hence, the decision is set to be focused mostly on imports from Russia and Mongolia. Although the measure came in line with the initially stated timing (May 2022 to December 2023), it might add slight support to coal prices in 2024, we believe
To recap, China accounted for 28% of global coking coal imports in 2023E, per the IEA estimates
#coal
https://metals-wire.com/sector/Coal
Morning Bites
🥉Global copper production rose 0.8% YoY in 10mo23 to 18.2mnt, the International Copper Study Group reports, although in October, output was slightly lower YoY (-0.8%). Global production growth has mainly been limited by operational constraints in Indonesia (Grasberg mine) and Chile, as well as export restrictions at the Cobre Panama mine in early 2023. We remind readers that production at Cobre Panama (~2% of global Cu supply) has been suspended since late November, and now the mine is set to be closed by mid-2024. That would increase the pressure on the global copper supply, we believe
#copper
https://metals-wire.com/sector/Copper
🥉Global copper production rose 0.8% YoY in 10mo23 to 18.2mnt, the International Copper Study Group reports, although in October, output was slightly lower YoY (-0.8%). Global production growth has mainly been limited by operational constraints in Indonesia (Grasberg mine) and Chile, as well as export restrictions at the Cobre Panama mine in early 2023. We remind readers that production at Cobre Panama (~2% of global Cu supply) has been suspended since late November, and now the mine is set to be closed by mid-2024. That would increase the pressure on the global copper supply, we believe
#copper
https://metals-wire.com/sector/Copper
Morning Bites (part 1)
📈China’s output of aluminium products grew 3% YoY to 5.7mnt in November, following the 5% YoY increase in October. Although Chinese aluminium consumption (~58% of global primary Al demand in 2022) is showing a persistent upward trend, global production of the metal is growing at a comparable rate, which at least partially offsets the increase in demand, we believe
🥉Chinese output of copper products declined 4% YoY in November to 2.0mnt, reversing from the +1% YoY in October. Meanwhile, the output of domestic air conditioners and refrigerators was up 7% YoY and 8% YoY, respectively, in November, which added some support to the dynamics. To recap, China remains the world's major copper consumer, representing ~55% of global Cu demand
#aluminium #copper
https://metals-wire.com/news-reports
📈China’s output of aluminium products grew 3% YoY to 5.7mnt in November, following the 5% YoY increase in October. Although Chinese aluminium consumption (~58% of global primary Al demand in 2022) is showing a persistent upward trend, global production of the metal is growing at a comparable rate, which at least partially offsets the increase in demand, we believe
🥉Chinese output of copper products declined 4% YoY in November to 2.0mnt, reversing from the +1% YoY in October. Meanwhile, the output of domestic air conditioners and refrigerators was up 7% YoY and 8% YoY, respectively, in November, which added some support to the dynamics. To recap, China remains the world's major copper consumer, representing ~55% of global Cu demand
#aluminium #copper
https://metals-wire.com/news-reports
Morning Bites (part 2)
🏆Russia’s gold output was flat YoY in November, vs. the 26.7% YoY fall in October, according to the Rosstat data. Meanwhile, in 11mo23, Russian gold production remained 2.0% lower YoY. We maintain our positive outlook on gold's performance, amid strong physical demand and rising cash costs for gold miners, as well as the potentially lower US Fed funds rate in 1H24
We remind readers that Russia represents ~9% of the world's mined gold production
#gold
https://metals-wire.com/sector/Gold
🏆Russia’s gold output was flat YoY in November, vs. the 26.7% YoY fall in October, according to the Rosstat data. Meanwhile, in 11mo23, Russian gold production remained 2.0% lower YoY. We maintain our positive outlook on gold's performance, amid strong physical demand and rising cash costs for gold miners, as well as the potentially lower US Fed funds rate in 1H24
We remind readers that Russia represents ~9% of the world's mined gold production
#gold
https://metals-wire.com/sector/Gold
Morning Bites
🏗China’s preliminary excavator sales were down 2% YoY in December (domestic + export), decelerating from the 37% YoY drop in November, according to the CME estimates. Domestic sales (a key indicator of construction activity) are expected to be up 27% YoY, reversing from the -48% YoY in November, mainly due to the low base effect (the figure is still ~50% lower than the December 2021 level). Meanwhile, the new potential stimulus for the economy announced by Beijing might add support to local construction activity and bolster the demand for industrial metals (e.g. steel, copper and aluminium) in 2024, we believe
🛒Japanese consumers have agreed to pay a USD 90/t aluminium premium in 1Q24, Reuters reports. The figure is 7% lower than the 4Q23 premiums, but 5% higher YoY. According to sources involved in the pricing talks, the premium is lower QoQ, reflecting slow local demand and a buildup in the metal’s inventory
#steel #aluminium
https://metals-wire.com/news-reports
🏗China’s preliminary excavator sales were down 2% YoY in December (domestic + export), decelerating from the 37% YoY drop in November, according to the CME estimates. Domestic sales (a key indicator of construction activity) are expected to be up 27% YoY, reversing from the -48% YoY in November, mainly due to the low base effect (the figure is still ~50% lower than the December 2021 level). Meanwhile, the new potential stimulus for the economy announced by Beijing might add support to local construction activity and bolster the demand for industrial metals (e.g. steel, copper and aluminium) in 2024, we believe
🛒Japanese consumers have agreed to pay a USD 90/t aluminium premium in 1Q24, Reuters reports. The figure is 7% lower than the 4Q23 premiums, but 5% higher YoY. According to sources involved in the pricing talks, the premium is lower QoQ, reflecting slow local demand and a buildup in the metal’s inventory
#steel #aluminium
https://metals-wire.com/news-reports
Dear Metals Wire subscribers,
Thank you for being with us in 2023. We wish you a season of happiness, and hope the holiday period will sparkle with joy and laughter! May your happiness be large and your bills be small
We look forward to continuing our work in 2024, sharing metals markets insights and our most interesting trading ideas
With every good wish,
The Metals Wire Team
Thank you for being with us in 2023. We wish you a season of happiness, and hope the holiday period will sparkle with joy and laughter! May your happiness be large and your bills be small
We look forward to continuing our work in 2024, sharing metals markets insights and our most interesting trading ideas
With every good wish,
The Metals Wire Team
❤11
Morning Bites (part 1)
🌏Global manufacturing PMIs remained subdued in December. The Eurozone Markit Manufacturing PMI was 44.4 (vs. consensus estimates of 44.2), a slight increase from November's 44.2. The US ISM manufacturing PMI rose to 47.4, from 46.7 in the previous month.
🇨🇳The official NBS Manufacturing PMI in China declined further, to 49.0 in December (from 49.4 in November). However, the Caixin China Manufacturing PMI inched up to 50.8 in December (from 50.7), beating the consensus estimates of 50.4.
❗️Overall, global PMIs remained below 50.0 in December, which indicates the ongoing slowdown in the manufacturing sector. Meanwhile, Beijing's efforts to bolster the local economy via construction activity might result in stronger demand for industrial metals (e.g. steel, copper and aluminium) in 2024
#PMIs
https://metals-wire.com/news-reports
🌏Global manufacturing PMIs remained subdued in December. The Eurozone Markit Manufacturing PMI was 44.4 (vs. consensus estimates of 44.2), a slight increase from November's 44.2. The US ISM manufacturing PMI rose to 47.4, from 46.7 in the previous month.
🇨🇳The official NBS Manufacturing PMI in China declined further, to 49.0 in December (from 49.4 in November). However, the Caixin China Manufacturing PMI inched up to 50.8 in December (from 50.7), beating the consensus estimates of 50.4.
❗️Overall, global PMIs remained below 50.0 in December, which indicates the ongoing slowdown in the manufacturing sector. Meanwhile, Beijing's efforts to bolster the local economy via construction activity might result in stronger demand for industrial metals (e.g. steel, copper and aluminium) in 2024
#PMIs
https://metals-wire.com/news-reports
👍1
Morning Bites (part 2)
🔗CISA mills daily crude steel production during late December was reported at 1.67mnt, down 13.6% vs. the previous ten days, and 13.0% lower YoY, marking the 11th consecutive 10-day period of YoY declines. Meanwhile, local steel inventories fell 17.7% over the period (-5.3% YoY). Per CISA data, during 2023, China's production increased 1.4% YoY, as the country's government prioritised economic growth over emission cuts. Meanwhile, efforts to bolster domestic construction could add support to steel products prices in 2024, in addition to the overall declining steel output, we believe
#steel
https://metals-wire.com/sector/Steel
🔗CISA mills daily crude steel production during late December was reported at 1.67mnt, down 13.6% vs. the previous ten days, and 13.0% lower YoY, marking the 11th consecutive 10-day period of YoY declines. Meanwhile, local steel inventories fell 17.7% over the period (-5.3% YoY). Per CISA data, during 2023, China's production increased 1.4% YoY, as the country's government prioritised economic growth over emission cuts. Meanwhile, efforts to bolster domestic construction could add support to steel products prices in 2024, in addition to the overall declining steel output, we believe
#steel
https://metals-wire.com/sector/Steel
Morning Bites (part 3)
🏦China continued to accumulate gold reserves in December, purchasing 9t (~2% of annualised physical gold demand in 2022), marking the 14th consecutive month of additions, SAFE reports. Hence, the PBoC's gold holdings rose ~287t since Nov-22 to 2,239t, while representing only 5% of the country’s FX reserves, indicating the potential for further purchases. China's purchases in Nov-22 - Dec-23 accounted for ~5% of the world’s physical demand in 2022, in annual terms. Overall, given miners’ growing costs, strong demand from central banks and potentially lower US Fed funds rate in 1H24, we keep our bullish view on gold's performance
💎US jewellery sales gained 3% YoY in November, vs. the flat YoY dynamics seen in October, IDEX reports, citing the US Department of Commerce. Noteworthy, the sales were up for the first time since January 2023: were the sales recovery trend to persist, this might add support to the stressed diamond sector
#gold #diamonds
https://metals-wire.com/news-reports
🏦China continued to accumulate gold reserves in December, purchasing 9t (~2% of annualised physical gold demand in 2022), marking the 14th consecutive month of additions, SAFE reports. Hence, the PBoC's gold holdings rose ~287t since Nov-22 to 2,239t, while representing only 5% of the country’s FX reserves, indicating the potential for further purchases. China's purchases in Nov-22 - Dec-23 accounted for ~5% of the world’s physical demand in 2022, in annual terms. Overall, given miners’ growing costs, strong demand from central banks and potentially lower US Fed funds rate in 1H24, we keep our bullish view on gold's performance
💎US jewellery sales gained 3% YoY in November, vs. the flat YoY dynamics seen in October, IDEX reports, citing the US Department of Commerce. Noteworthy, the sales were up for the first time since January 2023: were the sales recovery trend to persist, this might add support to the stressed diamond sector
#gold #diamonds
https://metals-wire.com/news-reports