By Bevis Yeo | Stockhead
Indonesia’s exports of thermal coal and nickel could be under threat of shut-downs due to growing concerns that the country has under-reported the number of cases of COVID-19.
With 1,414 cases and 122 fatalities reported as of March 31, Indonesia has now declared a health emergency and moved to suspend foreign arrivals and impose large-scale social restrictions.
Despite this, suspicions have been raised that the actual number of infections may be higher than reported due to its relatively low testing rate.
UBS noted that while there have been some private mine closures, Indonesia has yet to issue a mandate to halt operations like in Peru, South Africa and Argentina.
It added that while thermal coal prices would receive support from an Indonesian shut-down, it would provide a significant lift to nickel prices…Full Story