Copper prices could go higher say Rio Tinto
Vivek Tulpule, chief economist at Rio Tinto has said that copper prices could each record highs this year due to the continuing expansion of the Chinese economy.
Oil hovers at $102In an interview with Reuters, Tulpule said, "I think the conditions still exist for yet another peak in the prices of most metals."
In the interview he said agreed that copper prices could go higher than the record $8,940 per tonne that it reached last week.
"Supplies remain constrained and there's scope for demand pick up once the Chinese stocks, which have been built in the past, are taken away ... In a few months time, there will be conditions for strong buying," he told Reuters.
Tulpule claimed that the slowdown in the US economy would not hamper the continuing development of the economy in China, "The Chinese economy is pretty resilient to U.S. slowdown ... We don't see a big effect coming back into commodity markets."
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