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Dolat Capital Report
The global metals and mining sector has undergone a weak patch of pricing/spreads for six quarters i.e. FY20 to Q2 FY21 due to generic business cycle weakness followed by onset of Covid-19 pandemic.
That apart, the sector hasn’t done well in the past decade mainly due to overcapacity and excesses from the previous bull run before the 2008-09 global financial crisis.
After not so good period of 10-12 years (2009-19) followed by four quarters of significant pain in FY20, the sector was just on the verge of a small cyclical recovery which was completely derailed by the emergence of once in a century kind of Covid-19 pandemic that hit the world in Q1-Q3-CY20.
To counter which, global central banks/regulators/governments infused unprecedented amounts of liquidity/stimulus into the system and the governments also pushed the pedal on infrastructure.
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