Global wheat production in 2021 to hit a record 780 million tonnes: FAO forecast

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Global wheat production in 2021 is likely to increase and hit a new record of 780 million tonnes, according to FAO’s preliminary forecast, as expectations of a rebound in production in the European Union more than offset weather-impacted production prospects for output in the Russian Federation.  Maize production in South Africa is expected to reach […]

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Platinum soars, gold dips; Platinum crosses $1,300 an ounce for the first time in six years

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Platinum surged above $1,300 an ounce for the first time in more than six years on bets that a recovery in industrial demand and stricter emissions rules will tighten supply of the metal. In contrast, gold edged lower. Tougher pollution regulations requiring vehicle makers to use more platinum in catalytic converters are supporting prices. Platinum […]

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Global gold output to rise 5.5% in 2021 – report

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After declining in 2019, global gold production was adversely affected by the covid-19 pandemic during 2020, while the suspension of expansion works and contractions from mines nearing closure also exacerbated the decline. Overall output in 2020 was estimated to have declined by 5.2% to 108 million ounces, according to UK-based analytics company GlobalData. This year, however, […]

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Proposal to ease Intellectual Property rules for COVID-19 between India and South Africa discussed at WTO meet

As many as 40 members of the Geneva-based World Trade Organization (WTO) have discussed a proposal submitted by India and South Africa for relaxing certain provisions in intellectual property (IP) agreement with a view to contain the COVID-19 pandemic, PTI reports. Earlier this month, India and South Africa had submitted a proposal suggesting a waiver […]

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Over $37 billion gold project spend needed by 2025: Wood Mackenzie

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Prior to the coronavirus outbreak, peak gold supply was becoming a real possibility. Now, with exploration programs halted or cancelled and project disruptions hampering production, the summit is in sight, according to research firm Wood Mackenzie’s latest report.  As organic growth is waning, miners are looking to buy gold through mergers and acquisitions to secure […]

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Trading of steel almost stops in several emerging markets, particularly in India and South Africa

Steel trading is temporarily suspended in India and South Africa, due to government measures to contain the spread of coronavirus. Business confidence is deteriorating all over. Exporters are focused on developing new business opportunities in the Middle East and Asia. Steel trading is also suspended in South Africa. Traders and service centres are questioning the […]

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De Beers slashes diamond production forecast amid market collapse

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De Beers, the world’s largest diamond miner by value, cut 2020 production guidance by a fifth on Thursday, as the coronavirus pandemic has brought the global supply chain to a halt, affecting demand. The Anglo American unit said it expected to produce between 25 and 27 million carats this year, down from a previous forecast of 32 to […]

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