Morning Bites

🚘EU + UK passenger car registrations grew 7% YoY in November, vs. the 15% YoY increase in October, meeting our estimates. However, the sales figures were still 11% below the pre-COVID, 2019 level (-14% in October). To recap, the EU+UK accounted for some 20% and 32% of global autocatalyst Pd and Pt demand, respectively, in 2022. Hence, given the slow economic activity in the region (indicated by the weak PMIs data), we reiterate our view that European car sales are likely to remain subdued, at least in the short term, which might weigh further on PGM consumption

⛏️Panama has ordered the closure of the Cobre Panama mine, following the widespread protests, First Quantum’s CEO reported. The miner has received an initial framework from the Panamanian authorities for closing the mine by June 2024. To recap, Cobre Panama is one of the world’s largest copper mines, with a ~2% share in global mined output

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