Morning Bites (part 2)

🇿🇦South Africa’s PGM mining output rose 11% YoY in June, reversing from the 12 consecutive months of YoY declines (ex. the +3% YoY in February 2023). Meanwhile, the country’s gold production jumped 29% YoY, vs. the revised 28% YoY growth in May. To recap, SA accounts for ~70% of global platinum, 38% of palladium supply and 3% of global gold production. Although the local PGM/gold output showed a sharp recovery, this could be a one-off, bolstered by the likely low comparison base, as the country's mining activity is still being affected by the ongoing energy crisis and logistical issues. Hence, we do not expect this to have a material impact on the sentiment on these metals

#PGMs #gold    
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