Copper prices rise, but other raw materials still in deflation zone; model margin expansion in Q4FY23
Copper, a major raw material (>35% of RM cost) is back in inflation zone. However, other raw materials such as aluminium, steel and HDPE are still in deflation. We model white goods and durable companies to report 100-300bps YoY EBITDA margin expansion in Q4FY23.