Morning Bites
🔗China’s crude steel output fell 6% YoY in September (-10% YoY in August). On the 9mo24 basis, output was 4% lower YoY (per National Bureau of Statistics data), affected by slow domestic demand and subdued steel margins. Meanwhile, in late-September Beijing announced new economic support measures (which have not been fully disclosed yet), which might bolster local construction activity in 2025, although they are still not enough for the sector to recover fully
🏢China's property sales decreased 11% YoY in September (-13% YoY in August), and were 40% below the 2021 level. Floor space starts declined 20% YoY in September, being -62% vs. 2021. Personal mortgage loans were 26% lower YoY, while property completions fell 31% YoY (vs. -37% YoY the previous month). According to Chinese officials, the local property sector is gradually bottoming out, bolstered by the economic stimulus and support measures for unfinished real estate projects
#steel #property
https://metals-wire.com/sector/Steel
🔗China’s crude steel output fell 6% YoY in September (-10% YoY in August). On the 9mo24 basis, output was 4% lower YoY (per National Bureau of Statistics data), affected by slow domestic demand and subdued steel margins. Meanwhile, in late-September Beijing announced new economic support measures (which have not been fully disclosed yet), which might bolster local construction activity in 2025, although they are still not enough for the sector to recover fully
🏢China's property sales decreased 11% YoY in September (-13% YoY in August), and were 40% below the 2021 level. Floor space starts declined 20% YoY in September, being -62% vs. 2021. Personal mortgage loans were 26% lower YoY, while property completions fell 31% YoY (vs. -37% YoY the previous month). According to Chinese officials, the local property sector is gradually bottoming out, bolstered by the economic stimulus and support measures for unfinished real estate projects
#steel #property
https://metals-wire.com/sector/Steel
Alcoa 3Q24 results - aluminium recovery drives EBITDA growth
✏️Alcoa's 3Q24 revenues came in moderately below the consensus and our estimates, amid lower Al shipments than we had anticipated. However, EBITDA exceeded the market estimates, and was broadly in line with us
⛏Alcoa‘s outlook for its 2024 aluminium segment production and shipments remains unchanged from the previous projection: 2.2-2.3mnt and 2.5-2.6mnt, respectively
📈According to company CEO William Oplinger, global aluminum demand is currently at record levels, while long-term supply will be limited, as China is approaching its 45mnt production cap
❗️At spot, we expect Alcoa’s 4Q24F EBITDA to be materially stronger QoQ, as the spot Al price is ~6% above the 3Q24 avg.
#AA #Aluminium
https://metals-wire.com/company/AA_US
✏️Alcoa's 3Q24 revenues came in moderately below the consensus and our estimates, amid lower Al shipments than we had anticipated. However, EBITDA exceeded the market estimates, and was broadly in line with us
⛏Alcoa‘s outlook for its 2024 aluminium segment production and shipments remains unchanged from the previous projection: 2.2-2.3mnt and 2.5-2.6mnt, respectively
📈According to company CEO William Oplinger, global aluminum demand is currently at record levels, while long-term supply will be limited, as China is approaching its 45mnt production cap
❗️At spot, we expect Alcoa’s 4Q24F EBITDA to be materially stronger QoQ, as the spot Al price is ~6% above the 3Q24 avg.
#AA #Aluminium
https://metals-wire.com/company/AA_US
Week ahead data releases in M&M
This week, many global M&M names are scheduled to report their 3Q24 financials. We believe that the consensus is overly bullish in its EBITDA forecasts for large copper miners, such as SCCO and First Quantum, but underestimates Newmont performance
We also expect to see global monthly steel production data and EU car sales statistics for September on Tuesday
#reporting_season
https://metals-wire.com/events
This week, many global M&M names are scheduled to report their 3Q24 financials. We believe that the consensus is overly bullish in its EBITDA forecasts for large copper miners, such as SCCO and First Quantum, but underestimates Newmont performance
We also expect to see global monthly steel production data and EU car sales statistics for September on Tuesday
#reporting_season
https://metals-wire.com/events
Morning Bites
🔗CISA mills' daily crude steel production in early October was reported at 2.05mnt, up 1.7% vs. the previous ten days, but still -1.6% YoY. On a YTD basis (until 10 October), output shrank 3.1% YoY, according to the CISA data. Meanwhile, local steel inventories rose 3.2% in early October (but were down 10.0% YoY). We reiterate our view that the new monetary support measures announced by Beijing (as well as the additional fiscal stimulus expected in 4Q24) might add some support to local construction activity in 2025, which has already started to bottom out gradually, per Chinese officials
China accounts for ~57% of global steel supply
#steel
https://metals-wire.com/sector/Steel
🔗CISA mills' daily crude steel production in early October was reported at 2.05mnt, up 1.7% vs. the previous ten days, but still -1.6% YoY. On a YTD basis (until 10 October), output shrank 3.1% YoY, according to the CISA data. Meanwhile, local steel inventories rose 3.2% in early October (but were down 10.0% YoY). We reiterate our view that the new monetary support measures announced by Beijing (as well as the additional fiscal stimulus expected in 4Q24) might add some support to local construction activity in 2025, which has already started to bottom out gradually, per Chinese officials
China accounts for ~57% of global steel supply
#steel
https://metals-wire.com/sector/Steel
Morning Bites (part 1)
💎 India’s rough diamond net imports fell 20% YoY in September, decelerating from the 47% YoY drop in August. Meanwhile, polished diamond net exports declined 23% YoY (vs. -22% YoY in August). Synthetic rough diamond net imports fell 27% YoY, after the 8% YoY drop seen in August. The share of lab-grown net rough imports in total trading stood at 8%
To recap, last month GJEPC underpinned the looming recovery in the diamond industry, as indicated by significant reductions in polished inventories across markets and price increases in certain diamond segments. We continue to believe that in 4Q24, polishers will unwind their inventories, paving the way for massive restocking in 1Q25
India accounts for ~95% of the world's polished stone supply
#diamonds
https://metals-wire.com/sector/Diamonds
💎 India’s rough diamond net imports fell 20% YoY in September, decelerating from the 47% YoY drop in August. Meanwhile, polished diamond net exports declined 23% YoY (vs. -22% YoY in August). Synthetic rough diamond net imports fell 27% YoY, after the 8% YoY drop seen in August. The share of lab-grown net rough imports in total trading stood at 8%
To recap, last month GJEPC underpinned the looming recovery in the diamond industry, as indicated by significant reductions in polished inventories across markets and price increases in certain diamond segments. We continue to believe that in 4Q24, polishers will unwind their inventories, paving the way for massive restocking in 1Q25
India accounts for ~95% of the world's polished stone supply
#diamonds
https://metals-wire.com/sector/Diamonds
Morning Bites (part 2)
🚘EU + UK passenger car registrations declined 4% YoY in September, after the 17% YoY decrease in August. The dynamics broadly met our estimates, while the figure remained 13% below the pre-COVID, 2019 level
In our view, the upcoming increase in European import duties (10-35%) on Chinese EVs, along with the ongoing monetary easing cycle in the EU, might add some support to local PGM demand in 2025
In 2023, the EU+UK accounted for some 23% and 30% of world autocatalyst Pd and Pt demand, respectively
#cars
https://metals-wire.com/sector/PGM
🚘EU + UK passenger car registrations declined 4% YoY in September, after the 17% YoY decrease in August. The dynamics broadly met our estimates, while the figure remained 13% below the pre-COVID, 2019 level
In our view, the upcoming increase in European import duties (10-35%) on Chinese EVs, along with the ongoing monetary easing cycle in the EU, might add some support to local PGM demand in 2025
In 2023, the EU+UK accounted for some 23% and 30% of world autocatalyst Pd and Pt demand, respectively
#cars
https://metals-wire.com/sector/PGM
Freeport McMoran 3Q24 results — slightly above consensus
✏️Freeport's 3Q24 revenues were 5% ahead of the consensus, but roughly in-line with our forecast. Similarly, adjusted EBITDA (USD 2,692mn) was 2% above market estimates, but matched our forecast
⛏Freeport reiterated its copper and gold sales outlook for 2024 (1.86mnt and 1.8mnoz, respectively). The miner sees its avg. 2024 Cu cash costs at $5,470/t (+5% YoY)
💰 We particularly noted that Freeport’s 3Q24 Cu cash costs surged 15% YoY to $5,760/t, which underpins our estimate that the current 90%-ile Cu cash cost is ~$7,500/t
📈 According to Freeport, there is positive momentum on the global Cu market, amid strong demand trends worldwide, especially in China (given grid spending, EV growth and new economic stimulus)
❗️At spot, we anticipate Freeport’s 4Q24F EBITDA to grow in the mid-single digits QoQ, as copper and gold are currently trading above their 3Q24 avg. (by 3% and 10%, respectively)
#FCX #copper
https://metals-wire.com/company/FCX_US
✏️Freeport's 3Q24 revenues were 5% ahead of the consensus, but roughly in-line with our forecast. Similarly, adjusted EBITDA (USD 2,692mn) was 2% above market estimates, but matched our forecast
⛏Freeport reiterated its copper and gold sales outlook for 2024 (1.86mnt and 1.8mnoz, respectively). The miner sees its avg. 2024 Cu cash costs at $5,470/t (+5% YoY)
💰 We particularly noted that Freeport’s 3Q24 Cu cash costs surged 15% YoY to $5,760/t, which underpins our estimate that the current 90%-ile Cu cash cost is ~$7,500/t
📈 According to Freeport, there is positive momentum on the global Cu market, amid strong demand trends worldwide, especially in China (given grid spending, EV growth and new economic stimulus)
❗️At spot, we anticipate Freeport’s 4Q24F EBITDA to grow in the mid-single digits QoQ, as copper and gold are currently trading above their 3Q24 avg. (by 3% and 10%, respectively)
#FCX #copper
https://metals-wire.com/company/FCX_US
Morning Bites (part 1)
🔗Global crude steel output declined 5% YoY to 144mnt in September, after the 6% YoY drop seen in August, according to the World Steel Association data. China’s production (54% of global crude steel supply in September) was down 6% YoY (per the WSA data), after the -10% YoY in August. Ex-China steel output slipped 3% YoY. Specifically, the WSA numbers show that last month, Russia’s production dropped 10% YoY, while EU and US output was broadly flat YoY. Indian output (~8% of global steel supply) also stood flat YoY in September, being +6% YoY on 9mo24 basis
In our view, the recently announced monetary easing measures in China (along with the new fiscal stimulus expected in 4Q24) might add some support to local construction activity, which has already started to bottom out gradually, according to Chinese officials
#steel
https://metals-wire.com/sector/Steel
🔗Global crude steel output declined 5% YoY to 144mnt in September, after the 6% YoY drop seen in August, according to the World Steel Association data. China’s production (54% of global crude steel supply in September) was down 6% YoY (per the WSA data), after the -10% YoY in August. Ex-China steel output slipped 3% YoY. Specifically, the WSA numbers show that last month, Russia’s production dropped 10% YoY, while EU and US output was broadly flat YoY. Indian output (~8% of global steel supply) also stood flat YoY in September, being +6% YoY on 9mo24 basis
In our view, the recently announced monetary easing measures in China (along with the new fiscal stimulus expected in 4Q24) might add some support to local construction activity, which has already started to bottom out gradually, according to Chinese officials
#steel
https://metals-wire.com/sector/Steel
Morning Bites (part 2)
💎Petra Diamonds’ LFL rough prices at its combined October tender slid 9% vs. its June auction, with weakness evident in the smaller size fractions, per the company's press release. According to Petra CEO Richard Duffy, current diamond market conditions remain challenging, but prices are likely to show some recovery in CY2025. Meanwhile, Petra’s management said it remained committed to achieving net cash generation in FY25 (ending Jun-25)
Although Petra revealed soft realised LFL price dynamics in October, the GJEPC noted a looming recovery in the diamond industry amid significant reductions in polished inventories across markets and price increases in certain diamond segments. We continue to believe that in 4Q24 polishers will unwind their inventories, paving the way for massive restocking in 1Q25
#diamonds
https://metals-wire.com/sector/Diamonds
💎Petra Diamonds’ LFL rough prices at its combined October tender slid 9% vs. its June auction, with weakness evident in the smaller size fractions, per the company's press release. According to Petra CEO Richard Duffy, current diamond market conditions remain challenging, but prices are likely to show some recovery in CY2025. Meanwhile, Petra’s management said it remained committed to achieving net cash generation in FY25 (ending Jun-25)
Although Petra revealed soft realised LFL price dynamics in October, the GJEPC noted a looming recovery in the diamond industry amid significant reductions in polished inventories across markets and price increases in certain diamond segments. We continue to believe that in 4Q24 polishers will unwind their inventories, paving the way for massive restocking in 1Q25
#diamonds
https://metals-wire.com/sector/Diamonds
Morning Bites (part 1)
🚗💨 Internal combustion engine (ICE) car registrations in Europe dropped 16% YoY in 3Q24, after the 3% YoY slide in 2Q24. Petrol car sales shrank 15% YoY (vs. -2% YoY in 2Q24), while diesel cars fell 20% YoY. Diesel cars accounted for 24% of total ICE car registrations. Overall, the figures remain well below their pre-Covid levels, underpinning the soft local PGM demand. To recap, the EU represents 23% and 30% of global Pd and Pt autocatalyst demand, respectively
🚘 EV sales in Europe were down 11% YoY in 3Q24, after the -2% YoY seen in 2Q24, likely amid the cut in Germany's incentives. Specifically, BEV sales were -10% YoY (vs. flat dynamics in 2Q24), while PHEV sales dipped 14% YoY. The share of BEVs in total EV sales hit 70% (68% in 2Q24). Despite some slowdown in local sales, the growing global attractiveness of EVs is set to provide further support to the demand for the battery metals (e.g. Ni, Li and cobalt)
#cars #EV #nickel #lithium #cobalt
https://metals-wire.com/news-reports
🚗💨 Internal combustion engine (ICE) car registrations in Europe dropped 16% YoY in 3Q24, after the 3% YoY slide in 2Q24. Petrol car sales shrank 15% YoY (vs. -2% YoY in 2Q24), while diesel cars fell 20% YoY. Diesel cars accounted for 24% of total ICE car registrations. Overall, the figures remain well below their pre-Covid levels, underpinning the soft local PGM demand. To recap, the EU represents 23% and 30% of global Pd and Pt autocatalyst demand, respectively
🚘 EV sales in Europe were down 11% YoY in 3Q24, after the -2% YoY seen in 2Q24, likely amid the cut in Germany's incentives. Specifically, BEV sales were -10% YoY (vs. flat dynamics in 2Q24), while PHEV sales dipped 14% YoY. The share of BEVs in total EV sales hit 70% (68% in 2Q24). Despite some slowdown in local sales, the growing global attractiveness of EVs is set to provide further support to the demand for the battery metals (e.g. Ni, Li and cobalt)
#cars #EV #nickel #lithium #cobalt
https://metals-wire.com/news-reports
Morning Bites (part 2)
🏭Global primary aluminium output rose 1.3% YoY in September, decelerating from the revised 1.6% YoY gain in August, according to International Aluminium Institute data. China’s production (60% of global Al output) rose 1.7% YoY. We maintain our view that at spot Al continues to trade below its fundamentally reasonable level for 4Q24-2025 (USD 2,700-3,000/t, on our numbers)
We also note that there is limited potential for additional supply growth in China, as local Al output is capped at 45mnt (vs. ~43.1mnt annualised in 9mo24)
Overall, strong consumption dynamics in China (incl. solid demand from the local new energy sector and grid), as well as the ongoing monetary easing cycle in the EU/US and China, might add material support to Al prices in late-2024 and 2025
#aluminium
https://metals-wire.com/sector/Aluminium
🏭Global primary aluminium output rose 1.3% YoY in September, decelerating from the revised 1.6% YoY gain in August, according to International Aluminium Institute data. China’s production (60% of global Al output) rose 1.7% YoY. We maintain our view that at spot Al continues to trade below its fundamentally reasonable level for 4Q24-2025 (USD 2,700-3,000/t, on our numbers)
We also note that there is limited potential for additional supply growth in China, as local Al output is capped at 45mnt (vs. ~43.1mnt annualised in 9mo24)
Overall, strong consumption dynamics in China (incl. solid demand from the local new energy sector and grid), as well as the ongoing monetary easing cycle in the EU/US and China, might add material support to Al prices in late-2024 and 2025
#aluminium
https://metals-wire.com/sector/Aluminium
Morning Bites (part 1)
🔗CISA mills' daily crude steel production in mid-October was reported at 2.07mnt, +1.1% vs. the previous ten days, and up 1.6% YoY. YTD output (until 20 October) was down 3.2% YoY. Local steel inventories rose 5.0% over the period (but were down 6.4% YoY)
We maintain our view that the new monetary support measures announced by Beijing (as well as the upcoming fiscal stimulus expected in 4Q24) might add some support to local construction activity in 2025, which has already started to bottom out gradually, according to Chinese officials
China accounts for ~57% of global steel supply
#steel
https://metals-wire.com/sector/Steel
🔗CISA mills' daily crude steel production in mid-October was reported at 2.07mnt, +1.1% vs. the previous ten days, and up 1.6% YoY. YTD output (until 20 October) was down 3.2% YoY. Local steel inventories rose 5.0% over the period (but were down 6.4% YoY)
We maintain our view that the new monetary support measures announced by Beijing (as well as the upcoming fiscal stimulus expected in 4Q24) might add some support to local construction activity in 2025, which has already started to bottom out gradually, according to Chinese officials
China accounts for ~57% of global steel supply
#steel
https://metals-wire.com/sector/Steel
Morning Bites (part 2)
📈Russia’s gold output slid 4.3% YoY in September, after the 0.9% YoY decline in August, per Rosstat data. On a 9mo24 basis, however, the output was up 3.4% YoY. Russia’s gold output accounted for ~9% of the world's mined supply in 2023
Although, at spot, gold is trading above what we see as its fundamentally reasonable level for 2H24 (~USD 2,400/oz), we expect additional upside in the precious metal’s price due to strong demand from global central banks and gold inflows into ETFs amid the monetary policy easing cycle in the EU/US and China
#gold
https://metals-wire.com/sector/Gold
📈Russia’s gold output slid 4.3% YoY in September, after the 0.9% YoY decline in August, per Rosstat data. On a 9mo24 basis, however, the output was up 3.4% YoY. Russia’s gold output accounted for ~9% of the world's mined supply in 2023
Although, at spot, gold is trading above what we see as its fundamentally reasonable level for 2H24 (~USD 2,400/oz), we expect additional upside in the precious metal’s price due to strong demand from global central banks and gold inflows into ETFs amid the monetary policy easing cycle in the EU/US and China
#gold
https://metals-wire.com/sector/Gold
Vale 3Q24 results — neutral
📝Vale's 3Q24 revenues were broadly in line with our and market estimates. However, adjusted EBITDA was 4% below our estimates (and 2% below the consensus) amid slightly higher cost pressure than we had anticipated in the Pellets and Energy Transition Metals segments
💰Management said that Vale is on track to achieve its 2024 C1 cash cost guidance (ex-3rd party purchases) of USD 21.5-23.0/t (vs. USD 20.6/t seen in 3Q24)
⛏ Vale has revised upward its 2024 iron ore production guidance to 323-330mnt (from 310-320mnt), amid improvements in operational stability
📌On our numbers, Vale's 4Q24F EBITDA will be roughly flat QoQ at spot, as its current commodity basket price is almost in-line the 3Q24 avg
#VALE #Iron_ore
https://metals-wire.com/company/VALE_US/
📝Vale's 3Q24 revenues were broadly in line with our and market estimates. However, adjusted EBITDA was 4% below our estimates (and 2% below the consensus) amid slightly higher cost pressure than we had anticipated in the Pellets and Energy Transition Metals segments
💰Management said that Vale is on track to achieve its 2024 C1 cash cost guidance (ex-3rd party purchases) of USD 21.5-23.0/t (vs. USD 20.6/t seen in 3Q24)
⛏ Vale has revised upward its 2024 iron ore production guidance to 323-330mnt (from 310-320mnt), amid improvements in operational stability
📌On our numbers, Vale's 4Q24F EBITDA will be roughly flat QoQ at spot, as its current commodity basket price is almost in-line the 3Q24 avg
#VALE #Iron_ore
https://metals-wire.com/company/VALE_US/
Week ahead data releases in M&M
This week, some global M&M names are scheduled to report their 3Q24 financials. On our numbers, the consensus is rather bullish in its EBITDA forecasts for Peabody and Nexa
#reporting_season
https://metals-wire.com/events
This week, some global M&M names are scheduled to report their 3Q24 financials. On our numbers, the consensus is rather bullish in its EBITDA forecasts for Peabody and Nexa
#reporting_season
https://metals-wire.com/events
Morning Bites (part 1)
🥉Global mined copper production rose 2.6% YoY in August, in line with the dynamics seen in July, according to data from the International Copper Study Group (ICSG). Meanwhile, on the 8mo24 basis, output was up 2.1% YoY, amid a production recovery at existing assets (e.g. in Chile, Indonesia and the US) and the ramp-up of new mining projects (particularly in the DR Congo). The ICSG also reported solid global refined Cu consumption (+2.5% YoY in 8mo24), mostly driven by China (+2.7% YoY)
We keep our bullish view on copper, amid the rapid shift to green energy globally and surging investments (+21% YoY in 9mo24) in China’s grid infrastructure (which accounts for ~8% of global Cu demand, on our numbers)
#copper
https://metals-wire.com/sector/Copper
🥉Global mined copper production rose 2.6% YoY in August, in line with the dynamics seen in July, according to data from the International Copper Study Group (ICSG). Meanwhile, on the 8mo24 basis, output was up 2.1% YoY, amid a production recovery at existing assets (e.g. in Chile, Indonesia and the US) and the ramp-up of new mining projects (particularly in the DR Congo). The ICSG also reported solid global refined Cu consumption (+2.5% YoY in 8mo24), mostly driven by China (+2.7% YoY)
We keep our bullish view on copper, amid the rapid shift to green energy globally and surging investments (+21% YoY in 9mo24) in China’s grid infrastructure (which accounts for ~8% of global Cu demand, on our numbers)
#copper
https://metals-wire.com/sector/Copper
Morning Bites (part 2)
🏗China’s preliminary excavator sales grew 10% YoY in October (domestic + export), in line with the +11% YoY in September, according to the CME estimates. The actual figure, however, is set to remain 16% below the 2021 level. Specifically, domestic excavator sales are likely to grow 18% YoY this month (but still be -37% vs. October 2021), which underpins the statement from China’s Housing Minister that the local property sector is gradually bottoming out. Meanwhile, the recently started monetary easing cycle in China (and the upcoming fiscal stimulus in November-December) could add some support to this recovery, we believe
China accounts for 52% of global steel consumption, and for 55% and 58% of world Cu and Al demand, respectively
#steel
https://metals-wire.com/sector/Steel
🏗China’s preliminary excavator sales grew 10% YoY in October (domestic + export), in line with the +11% YoY in September, according to the CME estimates. The actual figure, however, is set to remain 16% below the 2021 level. Specifically, domestic excavator sales are likely to grow 18% YoY this month (but still be -37% vs. October 2021), which underpins the statement from China’s Housing Minister that the local property sector is gradually bottoming out. Meanwhile, the recently started monetary easing cycle in China (and the upcoming fiscal stimulus in November-December) could add some support to this recovery, we believe
China accounts for 52% of global steel consumption, and for 55% and 58% of world Cu and Al demand, respectively
#steel
https://metals-wire.com/sector/Steel
Morning Bites (part 3)
🇨🇳 Investment in China’s grid infrastructure increased 12% YoY in September, vs. the +65% YoY in August (from the low base), according to National Bureau of Statistics data. On a 9mo24 basis, investment was up 21% YoY, and was also 30% above the 9mo20-23 average. In our view, the heightened level of grid investment is likely to add additional positive impetus to the sentiment toward industrial metals such as copper and aluminium, as the grid accounts for 10-15% of Cu and Al consumption in China, we estimate
We also recap that China is to invest ~USD 800bn (per Rystard Energy estimates) in the local grid in 2025-30 (vs. USD ~450bn spent in 2018-23), as Beijing aims to match the growing installations of renewable energy. Hence, we reiterate our positive view on silver, copper and aluminium, which are the key beneficiary metals of the proposed global clean energy transition in 2024-30
#silver #copper #aluminium
https://metals-wire.com/news-reports
🇨🇳 Investment in China’s grid infrastructure increased 12% YoY in September, vs. the +65% YoY in August (from the low base), according to National Bureau of Statistics data. On a 9mo24 basis, investment was up 21% YoY, and was also 30% above the 9mo20-23 average. In our view, the heightened level of grid investment is likely to add additional positive impetus to the sentiment toward industrial metals such as copper and aluminium, as the grid accounts for 10-15% of Cu and Al consumption in China, we estimate
We also recap that China is to invest ~USD 800bn (per Rystard Energy estimates) in the local grid in 2025-30 (vs. USD ~450bn spent in 2018-23), as Beijing aims to match the growing installations of renewable energy. Hence, we reiterate our positive view on silver, copper and aluminium, which are the key beneficiary metals of the proposed global clean energy transition in 2024-30
#silver #copper #aluminium
https://metals-wire.com/news-reports
Morning Bites
💍China’s jewellery and watch retail sales grew 11% YoY in September, after the 18% YoY rise in August. However, according to Rapaport, Chinese diamond demand remained soft in September, as consumer preferences shifted to buying gold
We reiterate our view that the solid sales dynamics in the US, the world's key downstream market (~53% of global retail gem-set jewellery trade), could accelerate the ongoing destocking in 4Q24-1Q25, supporting sentiment in the stressed diamond market
#diamonds
https://metals-wire.com/sector/Diamonds
💍China’s jewellery and watch retail sales grew 11% YoY in September, after the 18% YoY rise in August. However, according to Rapaport, Chinese diamond demand remained soft in September, as consumer preferences shifted to buying gold
We reiterate our view that the solid sales dynamics in the US, the world's key downstream market (~53% of global retail gem-set jewellery trade), could accelerate the ongoing destocking in 4Q24-1Q25, supporting sentiment in the stressed diamond market
#diamonds
https://metals-wire.com/sector/Diamonds