Morning Bites

⛔️Glencore has temporarily halted operations at its Antapaccay mine in Peru. The decision was made after vandals once again attacked the mine’s area. As a result of the recent protests, the company’s buildings and four vehicles have suffered serious damage. The combined output at Peru’s temporarily suspended Antapaccay and Las Bambas mines accounted for >2% of world copper supply in 2021. So, this is conducive for our positive view on copper prices, at least in the short term

🚘US light vehicle sales were up 5% YoY in December from a low base, decelerating from the 10% YoY growth in November. The figure was still 17% below the 2019 level. Seasonally adjusted sales volumes also grew 7% YoY in December (-21% vs. the 2019 level). However, market participants are concerned about worsening car affordability in the US, amid inflationary pressures. This might negatively affect local car sales in 2023 and, hence, further weigh on PGM consumption

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