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Bloomberg

The state of Chinese commodities shows recovery taking hold

7th April 2020 From oil to copper to coal, China’s gigantic commodities industry is signaling that the first economy to be flattened by the coronavirus is getting closer to a return to normality. Bloomberg Economics estimates that most of China was 90% to 95% back to work at the end of last week, noting... 

Gold’s supply squeeze should ease as Swiss refineries reopen

6th April 2020 The supply shortages in the gold market will likely ease in the coming weeks as Swiss refineries start running again. Three major plants in the Swiss canton of Ticino, Europe’s biggest gold-refining hub, have said they’ve received permission from local authorities to run their factories at a... 

Fund managers see once-in-decade shot in Brazil’s iron-ore giant

3rd April 2020 Investors have been piling into shares of the world’s largest iron-ore producer, touting it as one of the biggest opportunities to emerge from the carnage in Brazilian markets. Vale sank to a three-year low in March amid the coronavirus outbreak that has disrupted production chains across the... 

Mining major Vale taps credit as virus heaps on strain after dam breach

3rd April 2020 Vale SA is tapping into $5-billion in credit lines to boost its cash position as the coronavirus pandemic forces cutbacks at a time when the iron ore producer was working to recover from a dam collapse last year. Vale asked banks to disburse the lines in two tranches, with $2-billion due in June... 

Canada’s economic heartland shuts down in effort to slow virus

3rd April 2020 Canada’s economic heartland is shutting down as Ontario and Quebec step up efforts to slow down the coronavirus outbreak. The two provinces, which together account for about 57% of the country’s economy, have ordered non-essential businesses to close by the end of Tuesday. The order is set to run... 

Africa needs $100bn stimulus to combat virus

3rd April 2020 Africa needs an immediate emergency economic stimulus of $100-billion to combat the impact of the coronavirus pandemic and almost half of that could come from waiving interest payments for countries on the continent, according to the United Nations Economic Commission for Africa. The waiver of... 

Coal India mulls output cuts as inventories mount on virus fight

1st April 2020 State-run Coal India is considering cutting output at some mines, aligning it with a steep drop in demand from power generators amid a countrywide lockdown, according to people with knowledge of the development. The Kolkata-based miner will focus on clearing inventories and reducing production... 

World’s top gold market freezes as Chinese shoppers stay away

1st April 2020 The coronavirus pandemic has frozen the Chinese gold market, torpedoing demand at a time when investors elsewhere in the world are clamoring for the safety of bullion. China is the biggest buyer of gold bars, coins and jewelry, but the national shutdown to contain the virus has emptied malls,... 

A billionaire miner is using China ties to source virus supplies

1st April 2020 Australian billionaire Andrew Forrest has spent more than a decade feeding China’s steel-making boom – now he’s leveraging his ties there to source medical supplies for the battle against the coronavirus Down Under. Forrest’s Minderoo Foundation has pledged A$160-million to source equipment from... 

Eskom issues force majeure to wind plants amid low demand

1st April 2020 Eskom Holdings told operators of some independent wind-power plants that it won’t need their power at certain times of day due to lower demand amid a national shutdown. The amount of power generated from wind is at its highest early in the morning when Eskom’s need is lowest, said Sikonathi... 

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