Lower output from Chinese steel mills has hit demand for iron ore, while prices of commodities like copper and aluminium have slumped on worries that aggressive interest rate hikes by the U.S. Federal Reserve's and other central banks could tip the global economy into a recession.
They seemed to lean towards the latter, confident that the slowdown in demand for commodities would be followed by a recovery that would be led by miners, adding that recession fears and inflation would give way to recovery. Analysts at JP Morgan also echoed risks to the sector but said fresh policy support along with easing COVID-19 lockdowns in China would spur a rebound in the second half of 2022, and maintained their "neutral" view on Rio Tinto and BHP.Register now for FREE unlimited access to Reuters.com
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Source: CNBC - 🏆 12. / 72 Read more »