Tuesday, 27 Sep 20
Although copper, nickel, zinc and tin prices have dropped substantially in the last week, one analyst doesn't think the global market turmoil will extend to coal and iron ore prices.
Those two commodities are Australia's largest export earners, with China being the main buyer.
Analyst Imran Valibhoy says although China will remain cautious, it needs to keep its prime revenue source, manufacturing, going.
He said “China will continue to need large amounts of coal and iron ore. No, I don't think they'll pull back. I think they'll be a little bit more patient and take the time in investing in the rest of the world.”
He added that “I think there's still quite a strong belief around the world that Asia will still be the main driver for our commodity prices and they're still going to be the main consumer of our commodities.”
(sourced from abc.net.au)
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