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Post #1310 189
Morning Bites (part 1)

📝AngloAmerican has made a material cut to its guidance for 2024-25 across key commodities

• Copper production: now seen at 730-790kt in 2024 (-20% vs. previous estimates) and 690-750kt in 2025 (-19%), mainly due to lower ore grades in Chile. As for 2026, the figure is seen at 760-820kt, according to the company's presentation

• PGMs: 3.3-3.7mnoz are to be produced in 2024 (-8%) due to some infrastructure closures, while the 2025 production is expected at 3.0-3.4mnoz (-14%), the same as for 2026

• Diamonds output: although the outlook for next year has remained unchanged, the figure for 2025 was lowered 2mnct to 30-33mnct

Overall, the production cuts might positively affect the performances of metal prices, but PGM prices have not reacted yet (AAL accounted for 21% of global Pd and 34% of Pt supply in 2022)

#diamonds #copper #PGMs
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