Morning Bites (part 2)

🏗China’s excavator sales fell 33% YoY in January (domestic + export), after the 30% YoY drop in December. We note that the decline was sharper than envisaged by the previous estimate from SteelOrbis. Meanwhile, domestic excavator sales shrank 59% YoY, after the 60% YoY fall in December, amid the Covid-19 effects and unfavourable market conditions. The still weak domestic sales imply no short-term recovery in the stagnating Chinese real estate segment. However, the country’s strong liquidity injections data for January might add support to the local demand for industrial metals in 2023, in our view

📈Russia’s gold output dropped 9.6% YoY in January, after the 9.3% YoY growth in December, according to Rosstat. Overall, some slowdown in Russia's production (~9% of global gold mined output) is favourable for our positive view on the yellow metal's price, bolstered by the strong prospects for demand

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