European car plants prepare for factory restarts according to VW and Mercedesĭiamond sector frozen amid India's lockdown.Further new emissions standards may be postponed in some provinces according to the Ministry of Ecology and Environment.The NDRC also see the sector as unaffected by the global supply chain.Long term trends for growth in China are reported to be unaffected (National Development and Reform Commission).China auto sales fell 79% yoy in February but are seen recovering as demand rebounds in China as the state eases restrictions and dealerships reopen (Reuters).Increased bank lending in March in China as part of the government stimulus is seen as helping companies with working capital and liquidityĬhina – auto market recovering as state eases lockdown restrictions.MMG’s Las Bambas copper mine declared force majeure last week as Peru extended its lockdown till 26 April highlighting the disruption caused by the Coronavirus.While some mines may reopen others will remain closed for longer and most will suffer some form of disruption due to the Coronavirus and other logistical, supply chain issues.Copper mine supply could be cut by around 1.2mt this year if every mine is closed for around three weeks.WTO reckon global trade could fall by 13-32% slowing global GDP to just 1.5% according to the OECD. We expect demand to fall by around 1mt this year but can easily see the disruption of mine closures in Latin America and elsewhere to cut production by more than this.Supply disruption from mine closures looks increasingly likely to offset the expected fall in copper demand by the year end.We wonder if this may be a chance for China’s statisticians to reset the way they collate their statistics.Ĭopper – risk on as copper moves with recovering manufacturing confidence.China Q1 GDP forecast to fall by 6.5% yoy.Rankings are as follows: 1 st UBS, 2 nd SP Angel, 3 rd ED&F Man, 4 th INTL FC Stone, 5 th Capital EconomicsĬhinese steel mills seen restocking driving iron ore, vanadium, coking coal and related pricesĬhina GDP growth set to slow to 2.5% from 5.4% in 2020 (Reuters poll).SP Angel rank 2nd in APEX Precious Metals forecasting in Q1 2020
Serabi Gold* (SRB LN) –– March delivers highest monthly gold production since operations began Rambler Metals* (RMM LN) – Covid19 mitigation measures Phoenix Copper* (PXC LN) – Reports a 32% reduction in losses for 2019 Hochschild Mining (HOC LN) – Temporary suspension of the final dividend MiFID II exempt information – see disclaimer belowīlueRock Diamonds* (BRD LN) – Extension to lockdown in South Africa till end Aprilīluejay Mining* (JAY LN) – MoU with trader for 200ktpa of ilmeniteĬhaarat Gold* (CGH LN) – FY19 financial results Gold breaks through $1,715/oz on record ETF holdings
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