Corona: Agricultural, metals, energy and industrial raw materials prices drop by 20%

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Mumbai, Ta. 11 February 2020, Tuesday

As a result of the outbreak of coronavirus in China, there has been a significant drop in commodity prices from the factories and factories that are losing trade. China is the world's largest consumer of commodities, the world's second largest economy.

The prices of agriculture, metals, energy and industrial raw materials have declined by five to twenty percent in the last two weeks. China has been a major consumer and producer nation of some commodities. Base metals and oil prices have been hit hard.

Since the coronavirus outbreak since the end of last year, the base metals index has declined by 8 percent and Brent by 5 percent. "We have lowered our estimates for commodity prices, but there is no denying the tremendous rise in prices once the impact of the coronavirus is realized," said one analyst.

Holiday products are likely to have a greater impact in many Chinese provinces. These are the provinces where ninety percent of China's copper smelting and steel production make up 8 percent. Wuhan, where Corona was spread, is considered the main manufacturing center of Chinese steel.

Compared to last year, the demand for crude oil has dropped by 5%. This is the biggest decline since the financial crisis of 5 and the attack of 3-4. Generally during the Chinese New Year holiday, the demand for jet-fuel increases and increases in rail, road and air transport. Compared to last year, this year, tourism decreased by 5%.

Due to poor oil demand, Chinese refiners have increased stocks. And the refinery is expected to cut soon. Refiners, smelters, and millets, which are chopping work at the ports, are facing logistical challenges.


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