Moody’s says hope for base metals demand recovery lies largely in China

MINING WEEKLY | Ratings agency Moody’s Investors Service says the Covid-19 pandemic has caused significant deterioration in economic indicators and global growth forecasts, while hurting base metals demand.

The agency says purchasing managers’ indexes (PMIs) in May remained in a severe contraction, with the US at 43.1; the Eurozone at 39 – but up from 13.5 in April; Brazil at 38.3; and China at 50.6 - after having dropped to a low of 35.7 in February.

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