Morning Bites (part 1)

💎 India – Jewellery segment revenues at Titan grew 15% YoY in CY 4Q22. The retailer saw strong festive consumer demand in October-November. In our view, these dynamics might imply a somewhat positive read-across for local gold and diamonds consumption. However, global diamond demand is likely to remain heavily squeezed in the near future, due to the adverse macroeconomic conditions

⛏First Quantum has halted copper concentrate loading at Panama's port, after local authorities ordered the stoppage amid certification issues. Furthermore, First Quantum might temporarily shut down its Cobre Panama mine (1.5% of global copper supply), due to the lack of storage space, if the material is not shipped by mid-February. Overall, the news is supportive for the sentiment on copper, but in our view the effect might already be partially priced in, given that the miner has been in a dispute with the Panamanian government since late 2022

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