Morning Bites (part 2)

🇿🇦South Africa’s PGM mining output dropped 5% YoY in April, decelerating from the 9% YoY fall in March. Meanwhile, domestic gold output jumped 27% YoY, after the +22% YoY in March, most likely amid the low base effect from 2022. Given that South Africa represents ~70% of global Pt and 38% of Pd supply, respectively (as well as 3% of world gold output), the deterioration in mining, driven by the local electricity crisis, might further weigh on supply. However, weak demand from the automotive sector could offset the positive effect on PGM prices

🇸🇪 Sweden’s Ronnskar smelter has been halted after a fire destroyed a cell house, Reuters reports. Meanwhile, the company expects to resume production at the site (0.8% of global refined Cu output in 2022) in several weeks. Hence, the impact on market sentiment is likely to be rather limited, we believe

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