Morning Bites (part 3)

💍Hong Kong jewellery and watch sales grew 64% YoY in June, following the 52% YoY increase in May, according to the government data. However, sales remained slightly below the pre-Covid level (-3% vs. June 2019). The growth was mostly due to the low base effect from 2022, when Hong Kong was under strict Covid-19 restrictions, resulting in a significant decline in the number of visitors. Despite sentiment in Asia being comparatively upbeat, its impact on the global diamond market, which is still being heavily stressed by adverse macroeconomic conditions, is limited, we believe

🛒Japanese consumers have agreed to pay a USD 127.50/t aluminium premium in 3Q23, Reuters reports. The figure is in line with the 2Q23 premiums. Meanwhile, producers’ initial offers were made at USD 165-180/t. According to market participants, the premiums remained unchanged QoQ, as local demand is still sluggish, with sufficient stocks

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