Morning Bites (part 1)

🏦China has increased its gold reserves for the 10th consecutive month, purchasing 29t in August (~7% of annualised physical gold demand in 2022), after the +23t in July, Bloomberg reports. Hence, PBoC gold holdings now stand at 2,165t, with ~218t added in November 2022 - August 2023 (~6% of annualised demand). Given adverse macroeconomic conditions globally, as well as the rising cash costs of miners and strong demand from central banks, we maintain our positive view on gold performance

⛏️Udokan has produced its first copper concentrate, Reuters reports. One of the world's largest copper projects, it had been delayed (2022), before being launched on Monday in line with the revised plan. To recap, Udokan is expected to bring 0.6% of global Cu output in the first production stage, with a potential expansion to 1.6%. The mine accounts for ~3.1% of global Cu reserves

#gold #copper
https://metals-wire.com:3000/news-reports