0.97% of the wholesale price basket
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Jewellery retailers hold gold as inventory - a price rise lifts the value of stock but raises the cost of replenishment and can dampen volumes.
% = raw materials as share of sales
Directional and observational - our classification of who uses this as an input vs sells it as output. The chips are just the largest listed names in each sector, not a claim that this commodity is material to any particular company - individual exposure varies. Raw materials as a share of sales is shown on the consumer side. Not advice.