Forwarded from Metals Wire
Morning Bites
💎India’s rough diamond net imports rose 27% YoY in July (vs. +4% YoY in June). Meanwhile, the decline rate of India’s polished diamond net exports accelerated to 16% YoY in July, from 1% YoY in June. The deepening decline in polished net exports might signal weakening downstream diamond demand. In particular, as we wrote before, the dynamics of US jewellery sales slowed significantly in June. Meanwhile, India’s lab-grown rough diamond net imports rose 21% YoY in July (vs. +45% YoY in June). The share of lab-grown net rough imports in natural diamond imports decreased to 7% in July, from 8% in June
#diamonds
💎India’s rough diamond net imports rose 27% YoY in July (vs. +4% YoY in June). Meanwhile, the decline rate of India’s polished diamond net exports accelerated to 16% YoY in July, from 1% YoY in June. The deepening decline in polished net exports might signal weakening downstream diamond demand. In particular, as we wrote before, the dynamics of US jewellery sales slowed significantly in June. Meanwhile, India’s lab-grown rough diamond net imports rose 21% YoY in July (vs. +45% YoY in June). The share of lab-grown net rough imports in natural diamond imports decreased to 7% in July, from 8% in June
#diamonds
Forwarded from Metals Wire
Morning Bites (part 2)
💎De Beers has reported sales of USD 630mn at its 7th cycle in 2022. This was 11% above the historical average and also 21% higher YoY (vs. +24% YoY at the 6th cycle in 2022). However, according to De Beers CEO Bruce Cleaver, sales in the next few cycles might be negatively affected by the temporary closures of polishing factories in India (90% of global polishing capacity) for the Diwali holidays. We note that softening jewellery sales dynamics might also pose risks for rough diamond demand in the coming months
#diamonds
💎De Beers has reported sales of USD 630mn at its 7th cycle in 2022. This was 11% above the historical average and also 21% higher YoY (vs. +24% YoY at the 6th cycle in 2022). However, according to De Beers CEO Bruce Cleaver, sales in the next few cycles might be negatively affected by the temporary closures of polishing factories in India (90% of global polishing capacity) for the Diwali holidays. We note that softening jewellery sales dynamics might also pose risks for rough diamond demand in the coming months
#diamonds
Forwarded from Metals Wire
Morning Bites (part 1)
📉Gold-backed ETFs reduced their holdings through August, with net outflows at 57t (after outflows of 84t in July and 31t in June). August was the fourth consecutive month of net outflows; however, the YTD cumulative net inflow remained positive, at 79t. According to the World Gold Council (WGC), the outflows were partially caused by hawkish US Fed monetary policy. ETF outflows were a negative factor for gold prices in August
💍Signet has reported an 8.2% YoY decline in same store sales in 2Q22 (May-July). This was the first drop since 2Q20. Same store sales in North America were down 8.7% YoY, while sales in the international segment fell 1.5% YoY. The company anticipates a shift of consumer discretionary spending away from the jewellery category amid the inflationary pressure, which is in line with our view. We note that weakening jewellery sales are negative for diamond demand
#ETF #gold #diamonds
📉Gold-backed ETFs reduced their holdings through August, with net outflows at 57t (after outflows of 84t in July and 31t in June). August was the fourth consecutive month of net outflows; however, the YTD cumulative net inflow remained positive, at 79t. According to the World Gold Council (WGC), the outflows were partially caused by hawkish US Fed monetary policy. ETF outflows were a negative factor for gold prices in August
💍Signet has reported an 8.2% YoY decline in same store sales in 2Q22 (May-July). This was the first drop since 2Q20. Same store sales in North America were down 8.7% YoY, while sales in the international segment fell 1.5% YoY. The company anticipates a shift of consumer discretionary spending away from the jewellery category amid the inflationary pressure, which is in line with our view. We note that weakening jewellery sales are negative for diamond demand
#ETF #gold #diamonds
Forwarded from Metals Wire
Morning Bites
💍US jewellery and watch sales rose 10.2% YoY in July, according to data from the US Department of Commerce. The growth rate accelerated from the revised 5.3% YoY increase in June (previously, a 0.8% YoY growth was reported for June). Even though there has been some revival in US jewellery sales, our outlook on jewellery demand remains negative due to the inflationary pressures
💍Hong Kong jewellery and watch sales jumped 28% YoY in July, after a 2% YoY increase in June. According to Reuters, the increase was mainly caused by government support measures and improved labour market conditions
#diamonds
💍US jewellery and watch sales rose 10.2% YoY in July, according to data from the US Department of Commerce. The growth rate accelerated from the revised 5.3% YoY increase in June (previously, a 0.8% YoY growth was reported for June). Even though there has been some revival in US jewellery sales, our outlook on jewellery demand remains negative due to the inflationary pressures
💍Hong Kong jewellery and watch sales jumped 28% YoY in July, after a 2% YoY increase in June. According to Reuters, the increase was mainly caused by government support measures and improved labour market conditions
#diamonds
Forwarded from Metals Wire
Morning Bites
💎Petra Diamonds has reported sales of USD 103mn for Tender 1 of FY23 (ending June), which was 11% above the Tender 6 FY22 sales but down 10% YoY. At Tender 1 FY23, the company sold 520kct (9% below the Tender 6 volume and down 10% YoY). According to Petra CEO Richard Duffy, the increase in sales relative to Tender 6 was caused by the large proportion of high-value gem-quality stones from the Cullinan mine. As a result, the average realised price was 21% higher, despite the 4.5% decline in LfL rough diamond prices relative to Tender 6 FY22. We note that the decrease in LfL prices might signal a softening in demand. The company expects some volatility in rough prices in the short term due to the unfavourable macroeconomic conditions, which is in line with our view
#diamonds $PDL
💎Petra Diamonds has reported sales of USD 103mn for Tender 1 of FY23 (ending June), which was 11% above the Tender 6 FY22 sales but down 10% YoY. At Tender 1 FY23, the company sold 520kct (9% below the Tender 6 volume and down 10% YoY). According to Petra CEO Richard Duffy, the increase in sales relative to Tender 6 was caused by the large proportion of high-value gem-quality stones from the Cullinan mine. As a result, the average realised price was 21% higher, despite the 4.5% decline in LfL rough diamond prices relative to Tender 6 FY22. We note that the decrease in LfL prices might signal a softening in demand. The company expects some volatility in rough prices in the short term due to the unfavourable macroeconomic conditions, which is in line with our view
#diamonds $PDL
Forwarded from Metals Wire
Petra Diamonds FY22 (ending June) results
📈Petra Diamonds (PDL LN) reported strong FY22 results. In 2H FY22, revenue rose 43% YoY, while the adjusted EBITDA jumped 109% YoY. We note that the revenue for 4Q FY22 had already been disclosed
💰In addition, the company has announced its dividend policy (previously the company did not pay dividends). In accordance with the policy, the company intends to pay 15-35% of its FCF, starting with FY23. On our numbers, given the announced range, the company might generate a 5-11% dividend yield for FY23 (on spot). We also note that, given the reduction of Net Debt to 0.18x of EBITDA in FY22, the company, as it states in its release, might consider paying a special dividend, which could lift the dividend yield to 20-30%
💰On spot, Petra Diamonds trades at 1.3x 1-y fwd EV/EBITDA, generates 30% FCF yield and 7% dividend yield (in NTM)
#diamonds $PDL
📈Petra Diamonds (PDL LN) reported strong FY22 results. In 2H FY22, revenue rose 43% YoY, while the adjusted EBITDA jumped 109% YoY. We note that the revenue for 4Q FY22 had already been disclosed
💰In addition, the company has announced its dividend policy (previously the company did not pay dividends). In accordance with the policy, the company intends to pay 15-35% of its FCF, starting with FY23. On our numbers, given the announced range, the company might generate a 5-11% dividend yield for FY23 (on spot). We also note that, given the reduction of Net Debt to 0.18x of EBITDA in FY22, the company, as it states in its release, might consider paying a special dividend, which could lift the dividend yield to 20-30%
💰On spot, Petra Diamonds trades at 1.3x 1-y fwd EV/EBITDA, generates 30% FCF yield and 7% dividend yield (in NTM)
#diamonds $PDL
Forwarded from Metals Wire
Morning Bites
💎India’s rough diamond net imports rose 10% YoY in August, after the 27% YoY increase in July. Meanwhile, India’s polished diamond net exports fell 9% YoY in August (vs. -16% YoY in July). In our view, the decline in polished diamond net exports might signal a softening in downstream demand amid rising inflation. Meanwhile, India’s lab-grown rough diamond net imports rose 62% YoY in August (vs. the 21% YoY increase in July). The share of lab-grown net rough imports in natural diamond imports increased to 9% in August, from 7% in July
#diamonds
💎India’s rough diamond net imports rose 10% YoY in August, after the 27% YoY increase in July. Meanwhile, India’s polished diamond net exports fell 9% YoY in August (vs. -16% YoY in July). In our view, the decline in polished diamond net exports might signal a softening in downstream demand amid rising inflation. Meanwhile, India’s lab-grown rough diamond net imports rose 62% YoY in August (vs. the 21% YoY increase in July). The share of lab-grown net rough imports in natural diamond imports increased to 9% in August, from 7% in July
#diamonds
Forwarded from Metals Wire
Morning Bites (part 2)
💍China’s jewellery and watch retail sales increased 7% YoY in August, following the 22% YoY jump in July. According to Rough & Polished, the solid performance of China’s jewellery sales was caused by the gradual easing of travel and quarantine rules in recent months. Growing jewellery sales in China is a positive factor for diamond demand. However, the unstable global economic environment still poses risks for downstream demand
⛔️Trevali has decided to close the Perkoa zinc mine in Burkina Faso following a deadly flood in April. Operations at the mine have been halted since then. We note that Perkoa accounts for ~0.5% of global zinc production. Since August, trading of the company’s common shares on the Toronto Stock Exchange has been halted, as the company had filed for creditor protection
#diamonds #zinc
💍China’s jewellery and watch retail sales increased 7% YoY in August, following the 22% YoY jump in July. According to Rough & Polished, the solid performance of China’s jewellery sales was caused by the gradual easing of travel and quarantine rules in recent months. Growing jewellery sales in China is a positive factor for diamond demand. However, the unstable global economic environment still poses risks for downstream demand
⛔️Trevali has decided to close the Perkoa zinc mine in Burkina Faso following a deadly flood in April. Operations at the mine have been halted since then. We note that Perkoa accounts for ~0.5% of global zinc production. Since August, trading of the company’s common shares on the Toronto Stock Exchange has been halted, as the company had filed for creditor protection
#diamonds #zinc
Forwarded from Metals Wire
Morning Bites (part 2)
💍Hong Kong jewellery and watch sales rose 4% YoY in August, following the 30% YoY jump in July. According to a Hong Kong government spokesperson, the moderating COVID-19 situation, improving labour market conditions and disbursement of consumption vouchers might continue to support HK retail sales in the short term. This could be a positive factor for the demand for diamonds
#diamonds
💍Hong Kong jewellery and watch sales rose 4% YoY in August, following the 30% YoY jump in July. According to a Hong Kong government spokesperson, the moderating COVID-19 situation, improving labour market conditions and disbursement of consumption vouchers might continue to support HK retail sales in the short term. This could be a positive factor for the demand for diamonds
#diamonds
Forwarded from Metals Wire
Morning Bites
💎De Beers has reported sales of USD 500mn at its 8th cycle in 2022. This was 2% above the historical average and also 2% higher YoY (vs. +22% YoY at the 7th cycle in 2022). According to De Beers CEO Bruce Cleaver, the results were in line with the company’s expectations. Cycle 8 sales decreased 22% relative to cycle 7, as India’s polishing factories prepared for seasonal closures ahead of the Diwali holidays. We note, however, that the deceleration in the YoY growth rate might imply some softening of diamond demand amid inflationary pressures
🛑Glencore plans to place its Nordenham zinc smelter in Germany on care and maintenance from 1 November. According to the company, the production halt was caused by the energy crisis. Previously, Nyrstar closed its Budel zinc smelter in the Netherlands for the same reason. Given that the two smelters combined account for ~3% of global zinc production, this might be slightly positive for zinc prices
#diamonds #zinc
💎De Beers has reported sales of USD 500mn at its 8th cycle in 2022. This was 2% above the historical average and also 2% higher YoY (vs. +22% YoY at the 7th cycle in 2022). According to De Beers CEO Bruce Cleaver, the results were in line with the company’s expectations. Cycle 8 sales decreased 22% relative to cycle 7, as India’s polishing factories prepared for seasonal closures ahead of the Diwali holidays. We note, however, that the deceleration in the YoY growth rate might imply some softening of diamond demand amid inflationary pressures
🛑Glencore plans to place its Nordenham zinc smelter in Germany on care and maintenance from 1 November. According to the company, the production halt was caused by the energy crisis. Previously, Nyrstar closed its Budel zinc smelter in the Netherlands for the same reason. Given that the two smelters combined account for ~3% of global zinc production, this might be slightly positive for zinc prices
#diamonds #zinc
Forwarded from Metals Wire
Morning Bites
📉Gold-backed ETFs reduced their holdings 102t through September (after outflows of 57t in August and 84t in July). This was the largest outflow since March 2021. Moreover, the YTD net flow turned negative (-24t). According to the World Gold Council (WGC), the outflows were triggered by contractionary monetary policy in the US and Europe. The outflows led to a 3% decline in the gold price through September
💍US jewellery and watch sales were up 3.7% YoY in August, according to data from the US Department of Commerce. This was the weakest growth since June 2020. The growth rate decelerated from the revised 5.9% YoY increase in July (growth of 10.2% YoY had previously been reported for July). The softening in jewellery sales was most likely caused by inflationary pressures, and is negative for diamond demand
#ETF #gold #diamonds
📉Gold-backed ETFs reduced their holdings 102t through September (after outflows of 57t in August and 84t in July). This was the largest outflow since March 2021. Moreover, the YTD net flow turned negative (-24t). According to the World Gold Council (WGC), the outflows were triggered by contractionary monetary policy in the US and Europe. The outflows led to a 3% decline in the gold price through September
💍US jewellery and watch sales were up 3.7% YoY in August, according to data from the US Department of Commerce. This was the weakest growth since June 2020. The growth rate decelerated from the revised 5.9% YoY increase in July (growth of 10.2% YoY had previously been reported for July). The softening in jewellery sales was most likely caused by inflationary pressures, and is negative for diamond demand
#ETF #gold #diamonds
Forwarded from Metals Wire
Morning Bites (part 2)
📌S&P Global Mobility expects EU car production to fall 40% YoY in 2023 in the worst case scenario, Reuters reports. According to S&P, the production decline might be caused by soaring energy costs and possible power cuts in winter. This could be a negative factor for PGM demand. We note that in September, according to the preliminary data, EU car sales were up 8% YoY but came 22% below the 2019 level
💍According to MasterCard SpendingPulse, preliminary US jewellery sales rose 7% YoY in September, after the 4% YoY increase in August. However, we note risks to jewellery sales and, hence, to diamond demand amid the unfavourable economic conditions. We also note that the preliminary data might differ from the official results released by the US Department of Commerce
#cars #diamonds
📌S&P Global Mobility expects EU car production to fall 40% YoY in 2023 in the worst case scenario, Reuters reports. According to S&P, the production decline might be caused by soaring energy costs and possible power cuts in winter. This could be a negative factor for PGM demand. We note that in September, according to the preliminary data, EU car sales were up 8% YoY but came 22% below the 2019 level
💍According to MasterCard SpendingPulse, preliminary US jewellery sales rose 7% YoY in September, after the 4% YoY increase in August. However, we note risks to jewellery sales and, hence, to diamond demand amid the unfavourable economic conditions. We also note that the preliminary data might differ from the official results released by the US Department of Commerce
#cars #diamonds
Forwarded from Metals Wire
Morning Bites
💍LVMH has reported a 16% YoY increase in the organic sales of watches and jewellery in 3Q22, a slight acceleration from the 13% YoY in 2Q22. According to the company, sales in the watches and jewellery segment were supported by the strong performance of Tiffany & Co products in the US. However, in our view, despite the positive results for 3Q22, there are still risks to jewellery demand posed by the unfavourable macroeconomic environment, which might be a limiting factor for diamond demand
#diamonds
💍LVMH has reported a 16% YoY increase in the organic sales of watches and jewellery in 3Q22, a slight acceleration from the 13% YoY in 2Q22. According to the company, sales in the watches and jewellery segment were supported by the strong performance of Tiffany & Co products in the US. However, in our view, despite the positive results for 3Q22, there are still risks to jewellery demand posed by the unfavourable macroeconomic environment, which might be a limiting factor for diamond demand
#diamonds
Forwarded from Metals Wire
Morning Bites
💎India’s rough diamond net imports fell 7% YoY in September, reversing from the 10% YoY growth in August. Meanwhile, India’s polished diamond net exports increased 14% YoY in September (vs. -9% YoY in August). The decline in rough net imports, coupled with the growth of polished net exports, might imply a stock release in the Indian polishing market as a result of market participants’ negative outlook on future sales. We note that the unfavourable macroeconomic conditions could negatively affect diamond sales in the near term
Meanwhile, India’s lab-grown rough diamond net imports were up 4% YoY in September, with the growth decelerating from 62% YoY in August. The share of lab-grown net rough imports in natural diamond imports declined to 7% in September, from 9% in August
#diamonds
💎India’s rough diamond net imports fell 7% YoY in September, reversing from the 10% YoY growth in August. Meanwhile, India’s polished diamond net exports increased 14% YoY in September (vs. -9% YoY in August). The decline in rough net imports, coupled with the growth of polished net exports, might imply a stock release in the Indian polishing market as a result of market participants’ negative outlook on future sales. We note that the unfavourable macroeconomic conditions could negatively affect diamond sales in the near term
Meanwhile, India’s lab-grown rough diamond net imports were up 4% YoY in September, with the growth decelerating from 62% YoY in August. The share of lab-grown net rough imports in natural diamond imports declined to 7% in September, from 9% in August
#diamonds
Forwarded from Metals Wire
Morning Bites (part 1)
💍China’s jewellery retailers reported a 6-8% YoY decline in LFL (same store) sales of gem-set jewellery in 3Q22. Chow Tai Fook reported a 6% YoY drop in LFL sales of gem-set, platinum and K-gold jewellery in 3Q22. Sales in Mainland China were down 11% YoY, while HK and Macau sales rose 6% YoY. Meanwhile, Luk Fook reported an 8% YoY decline in gem-set jewellery sales in 3Q22. In Mainland China, gem-set jewellery sales dropped 23% YoY, while in HK and Macau they rose 3% YoY. The decline in Mainland Chins’s sales was mostly caused by relatively stringent COVID-19 measures. However, HK sales slightly recovered amid eased travel restrictions in the region. We note that falling jewellery sales in Mainland China is negative for diamond demand
#diamonds
💍China’s jewellery retailers reported a 6-8% YoY decline in LFL (same store) sales of gem-set jewellery in 3Q22. Chow Tai Fook reported a 6% YoY drop in LFL sales of gem-set, platinum and K-gold jewellery in 3Q22. Sales in Mainland China were down 11% YoY, while HK and Macau sales rose 6% YoY. Meanwhile, Luk Fook reported an 8% YoY decline in gem-set jewellery sales in 3Q22. In Mainland China, gem-set jewellery sales dropped 23% YoY, while in HK and Macau they rose 3% YoY. The decline in Mainland Chins’s sales was mostly caused by relatively stringent COVID-19 measures. However, HK sales slightly recovered amid eased travel restrictions in the region. We note that falling jewellery sales in Mainland China is negative for diamond demand
#diamonds
Forwarded from Metals Wire
Morning Bites
💍China’s jewellery and watch retail sales were up 2% YoY in September, following the 7% YoY increase in August. The deceleration in the growth rate might have been caused by the relatively stringent COVID restrictions that are still in place in China. Furthermore, the difficult global economic conditions could limit downstream diamond demand in the near term
#diamonds
https://metals-wire.com:3000/news-reports
💍China’s jewellery and watch retail sales were up 2% YoY in September, following the 7% YoY increase in August. The deceleration in the growth rate might have been caused by the relatively stringent COVID restrictions that are still in place in China. Furthermore, the difficult global economic conditions could limit downstream diamond demand in the near term
#diamonds
https://metals-wire.com:3000/news-reports
Forwarded from Metals Wire
Morning Bites (part 1)
💎De Beers has reported a 4% YoY increase in rough diamond production, to 9.6mnct in 3Q22. According to the company, the production growth was mainly driven by the treatment of higher grade ore in Botswana and South Africa. The company has reiterated its 2022 production guidance of 32-34mnct (100% basis). Rough diamond sales from 3 cycles in 3Q22 totalled 8.5mnct, which was 21% above the 7.0mnct from 2 cycles in 3Q21 and 2% above the 8.3mnct from 3 cycles in 2Q22. However, the company has noted that even though the consumer demand for natural diamonds remained robust in 3Q22, the unfavourable global economic conditions and China’s COVID-related restrictions might adversely affect the demand for diamond jewellery. That is in line with our view
#diamonds
https://metals-wire.com:3000/sector/Diamonds
💎De Beers has reported a 4% YoY increase in rough diamond production, to 9.6mnct in 3Q22. According to the company, the production growth was mainly driven by the treatment of higher grade ore in Botswana and South Africa. The company has reiterated its 2022 production guidance of 32-34mnct (100% basis). Rough diamond sales from 3 cycles in 3Q22 totalled 8.5mnct, which was 21% above the 7.0mnct from 2 cycles in 3Q21 and 2% above the 8.3mnct from 3 cycles in 2Q22. However, the company has noted that even though the consumer demand for natural diamonds remained robust in 3Q22, the unfavourable global economic conditions and China’s COVID-related restrictions might adversely affect the demand for diamond jewellery. That is in line with our view
#diamonds
https://metals-wire.com:3000/sector/Diamonds
Forwarded from Metals Wire
Morning Bites
⛰Mountain Province has reported a 22% YoY decrease in rough diamond sales volumes, to 805kct for USD 83mn, in 3Q22. The average realised price of USD 103/ct was down 21% QoQ, but up 43% YoY. However, adjusting for the mix of goods sold, on a like-for-like basis, the average value per carat was up 2% QoQ. Even though the company stated that its sales continued to be resilient, it acknowledged that rough diamond market prices had stabilised through the period. This might have been caused by the softer demand amid the unfavourable economic environment, and that might further negatively affect downstream diamond demand
Meanwhile, the company’s rough diamond output fell 7% YoY to 711kct in 3Q22, on the back of the continued impact of the operational challenges the company experienced in 2Q22
#diamonds
⛰Mountain Province has reported a 22% YoY decrease in rough diamond sales volumes, to 805kct for USD 83mn, in 3Q22. The average realised price of USD 103/ct was down 21% QoQ, but up 43% YoY. However, adjusting for the mix of goods sold, on a like-for-like basis, the average value per carat was up 2% QoQ. Even though the company stated that its sales continued to be resilient, it acknowledged that rough diamond market prices had stabilised through the period. This might have been caused by the softer demand amid the unfavourable economic environment, and that might further negatively affect downstream diamond demand
Meanwhile, the company’s rough diamond output fell 7% YoY to 711kct in 3Q22, on the back of the continued impact of the operational challenges the company experienced in 2Q22
#diamonds
Forwarded from Metals Wire
Morning Bites (part 2)
📉CISA mills daily crude steel output fell 1.7% in late October from the second ten days of the month. However, this represented a 16.9% YoY increase. Steel inventories contracted 7% through the period (still 28.3% above the 2021 level, as of 31 October). This suggests that apparent steel consumption might have shown some signs of recovery
💍US jewellery and watch sales were up 1.3% YoY in September, according to data from the US Department of Commerce. This was the weakest growth since June 2020. The growth rate decelerated from the revised 3.0% YoY increase in August (+3.7% YoY was previously reported). Softening of jewellery sales was apparently caused by unfavourable macroeconomic conditions. This is a negative factor for diamond demand
#steel #diamonds
https://metals-wire.com:3000/news-reports
📉CISA mills daily crude steel output fell 1.7% in late October from the second ten days of the month. However, this represented a 16.9% YoY increase. Steel inventories contracted 7% through the period (still 28.3% above the 2021 level, as of 31 October). This suggests that apparent steel consumption might have shown some signs of recovery
💍US jewellery and watch sales were up 1.3% YoY in September, according to data from the US Department of Commerce. This was the weakest growth since June 2020. The growth rate decelerated from the revised 3.0% YoY increase in August (+3.7% YoY was previously reported). Softening of jewellery sales was apparently caused by unfavourable macroeconomic conditions. This is a negative factor for diamond demand
#steel #diamonds
https://metals-wire.com:3000/news-reports
Forwarded from Metals Wire
Morning Bites (part 1)
🚘Global EV sales (passenger cars and light-duty vehicles) increased 58% YoY in September (vs. +70% YoY in August), according to Rho Motion. The growth was mainly driven by the 94% YoY increase in China sales. US EV sales rose 56% YoY (vs. +53% YoY in August). At the same time, EV sales in the EU grew 16% YoY, accelerating from the 5% YoY increase in August. The robust performance of global EV sales is supportive for the demand for battery metals (nickel, lithium and cobalt)
💍Hong Kong jewellery and watch sales rose 8% YoY in September, following the 3% YoY increase in August. The increase reflected the second tranche of consumption vouchers, distributed in late August, according to Rapaport. This might be slightly positive for diamond demand
#EV #nickel #lithium #cobalt #diamonds
https://metals-wire.com:3000/news-reports
🚘Global EV sales (passenger cars and light-duty vehicles) increased 58% YoY in September (vs. +70% YoY in August), according to Rho Motion. The growth was mainly driven by the 94% YoY increase in China sales. US EV sales rose 56% YoY (vs. +53% YoY in August). At the same time, EV sales in the EU grew 16% YoY, accelerating from the 5% YoY increase in August. The robust performance of global EV sales is supportive for the demand for battery metals (nickel, lithium and cobalt)
💍Hong Kong jewellery and watch sales rose 8% YoY in September, following the 3% YoY increase in August. The increase reflected the second tranche of consumption vouchers, distributed in late August, according to Rapaport. This might be slightly positive for diamond demand
#EV #nickel #lithium #cobalt #diamonds
https://metals-wire.com:3000/news-reports