The coronavirus won’t wreck the commodities market

, , ,

By David Fickling | Bloomberg

A rampaging epidemic in the country that consumes about half of the world’s metals has to be bad news for mining stocks, right?

Investors are certainly making that bet. The week started with the Bloomberg World Mining Index falling the most in nearly six months, and a six-day losing streak continued Tuesday on expectations that a slowdown in economic activity will cut China’s voracious appetite for commodities.

Australian shares of Rio Tinto Group fell as much as 5.9% when trading resumed after a public holiday Monday, on track for their biggest slide in three-and-a-half years. Those of iron-ore producer Fortescue Metals Group Ltd. slumped as much as 8.7% in early trading…Full Story

Related Posts

,

Anglo American, South32 walk away from thermal coal

By Vanessa Zhou | Australian Mining Anglo American is the second company to cut off its South African thermal coal assets following a similar move by South32 last week. Anglo American plans to demerge its thermal coal operations in South Africa and establish a new holding company called Thungela Resources to hold the assets. The […]

,

Coal snapshot: Mid-term outlook is positive

Gerard Peter | Mining Review Africa While there is a concerted effort by nations to reduce reliance on coal for both energy and production purposes, research analyst Fitch Ratings believes that the medium-term outlook for the commodity remains buoyant. There can be no doubt that the coronavirus pandemic has had an effect on global demand […]

,

ASIC raids mine at centre of fake coal testing claims

By Liam Walsh | Australian Financial Review The corporate watchdog has raided the mining operation at the centre of allegations of fake coal analyses. Queensland police on Monday helped officials from the Australian Securities and Investments Commission execute a search warrant on TerraCom, which runs the Blair Athol coal mine in the central part of the […]