Morning Bites (part 2)

🇿🇦South Africa’s PGM mining output slid 7% YoY in December, vs. the +4% YoY in November, according to official data. Meanwhile, local gold production dropped 8% YoY, albeit decelerating from the -12% YoY in November. In our view, the ongoing monetary easing cycle in the EU/US and China, the increase in EU import duties (from 10% up to 45%) on Chinese BEVs (encouraging the production of catalyst-containing cars), as well as the expected cancellation of EV-support programmes in the US (which might be even replaced with USD 1,000 new EV purchase tax) might bolster the PGM prices recovery in 2025, we believe

SA accounts for ~70% of global Pt, 38% of Pd supply and 3% of world gold production

#PGMs #gold        
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