Metal prices are at a 9-year high. What’s driving them up?

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Metal prices have increased by 72 percent relative to their pre-pandemic levels—reaching a nine-year high in May (in inflation adjusted terms), according to the International Monetary Fund, which said that the increase has been broad-based across industrial metals—copper is up 89 percent in May (year-over-year), iron ore is up 116 percent, and nickel is up […]

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World Bank pegs India’s 2021/22 economic growth at 8.3%

India’s growth for FY 2021/22, which began in April 2021, is forecast at 8.3%, supported by plans for higher spending on infrastructure, rural development, and health, and a stronger-than-expected recovery in services, the World Bank said. “Better growth prospects since January, however, masks significant damage to economic activity from COVID19. The economy is expected to […]

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Second Covid-19 wave throws cold water on Indian economy, says CRISIL, as it lowers GDP forecast to 9.5%

The second Covid-19 wave has thrown cold water over the Indian economy that was beginning to warm up after the most severe contraction since Independence, rating agency CRISIL said, adding that it was lowering it’s the country’s economic growth forecast by 150 basis points to 9.5 percent for the current fiscal. “The rash of afflictions […]

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India’s GDP contracts by 7.3% for 2020-21 financial year; grows by 1.6% in Jan-Mar quarter

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India’s Gross Domestic Product (GDP) for the fourth quarter (January to March) grew by 1.6%, but contracted by 7.3% for the full 2020-21 financial year, government data showed on Monday, after being severely hit by lockdowns triggered by the Covid-19 pandemic that ground all economic activity. The annual contraction was the worst in more than […]

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OECD says sees brighter economic prospects but an uneven recovery

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The OECD has revised up its growth projections across the world’s major economies since its last full economic outlook in December 2020 and now sees global GDP growth at 5.8 % this year (compared with 4.2% projected in December), helped by a government stimulus-led upturn in the United States, and at 4.4% in 2022 (3.7% […]

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Global sugar production in 2021/22 seen up at 186 million tons on higher production in EU, India and Thailand – USDA

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Global sugar production in 2021/22 is forecast up 6 million tons to 186 million as higher production in the European Union, India, and Thailand will more than offset the decline in Brazil, the U.S. Department of Agriculture said in a report. Consumption is forecast to rise to a new record due to growth in markets […]

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World crude steel production jumps 23% year-on-year in April, India up a massive 152% – worldsteel

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World crude steel production for the 64 countries reporting to the World Steel Association (worldsteel) was 169.5 million tonnes (Mt) in April 2021, a massive 23.3% increase compared to April 2020, led by India where output rose 152% — a massive jump from the same month last year when the country was under a pandemic-triggered […]

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