Mining contracts in October for third consecutive month
Mining production was worse than expected in the first month of the fourth quarter, with copper and diamond production falling by more than a third
Mining production fell for the third-consecutive month in October, pointing to a dismal fourth quarter, as SA counts the costs of the latest round of load-shedding.
Mining contracted 2.6% in October compared to the same period in 2018, worse than the Bloomberg consensus of a 2.6% fall.
Copper led the declines, falling 41.4%, while diamond production slumped 39.3%.
The risk of a full-quarter slump increased this week after technical problems at Eskom resulted in widespread power cuts, Capital Economics senior emerging markets economist John Ashbourne said in a note.