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August 12, 2020

COVID-19 impact on commodity production in 2020 to be lower in Australia: Poll

The COVID-19 pandemic coupled with the lockdown restrictions directly impacted the commodity market by disrupting supply chains and forcing production cuts.

The COVID-19 pandemic coupled with the lockdown restrictions directly impacted the commodity market by disrupting supply chains and forcing production cuts. The most severely impacted commodity remains oil, followed by agricultural commodities and industrial and precious metals. The full impact of the pandemic on the commodity market will depend on how long it lasts.

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Verdict has conducted a poll to assess which among the five countries namely Australia, China, Canada, India, and Russia will witness the lowest impact on commodity production due to COVID-19 in 2020.

Analysis of the results shows that commodity production in Australia is expected to be least affected.

A majority of 44% of the respondents voted that commodity production in Australia is expected to be least affected, while 21% opined that China’s commodity production will be least affected and 16% felt that commodity production in Canada will be least affected.

Further, 10% of the respondents opined that commodity production in India will be least affected and 9% of the respondents felt that Russia’s commodity production will be least affected in 2020.

Commodity production country-wise demand 2020

The analysis is based on 472 responses received from readers of Mining Technology, a Verdict network site, between 18 June and 10 August 2020.

COVID-19 impact on commodity production in 2020

The COVID-19 pandemic is expected to lead to a permanent change in the supply and demand of commodities especially those that are dependent on transportation.

Emerging markets and developing economies, which are heavily dependent on commodities are expected to be the worst affected. Further, the pandemic may result in fundamental shifts to the commodity markets including higher transportation charges, increased trade costs and stockpiling of certain commodities.

China, for example, accounts for approximately half of the global demand for industrial metals and 10% of oil demand. Although demand was initially impacted after the outbreak in China, it has returned to normal to some extent. However, spreading of the disease in other countries may delay the return of demand in the country.

Countries such as Australia and India have been impacted by the disruptions caused in Asia and other regions, in addition to the lockdown restrictions. Canada’s mining and oil and gas sectors have been impacted due to supply chain disruptions in North America.

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Navigate your business through the ‘new normal’

COVID-19 continues to dominate headlines the world over. It has already affected our lives forever. The way we work, shop, eat, seek medical advice, and socialize will all be different in the future. Quite how different remains to be seen, but all industries must plan for multiple eventualities.  Faced with an explosion of conflicting information on how to plan and implement successful recovery strategies, decision-makers are in dire need of a single, reliable source of intelligence.   GlobalData’s COVID-19 Executive Briefing gives you access to unparalleled data and insights to successfully navigate the uncertain road to recovery across the world’s largest industries. Understand every aspect of this disruptive theme by delving into: 
  •  COVID-19 infection update, with statistics on the spread, testing by country, as well as the latest data on vaccines and therapeutic developments 
  • Economic impact overview, covering stock market indices, GDP, unemployment rates, policy responses & GlobalData’s economic recovery scorecards 
  • Sector developments, with access to sector insight summaries, cross-sector indices and the leaders and laggards in each industry vertical 
Whatever your company’s imminent strategic plans, the long-lasting impact of COVID-19 must not be overlooked. Find out how to futureproof your business operations – download our report today. 
by GlobalData
Enter your details here to receive your free Report.

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