Glencore: China tightening unlikely to trigger commodity rout
Head of Swiss mining firm says Beijing’s moves to reign in risk would not lead to a repeat of 2015 weakness
Swiss miner Glencore CEO Ivan Glasenberg said China’s policy tightening is unlikely to cause a commodities rout similar to what was seen in 2015, reports the Financial Times.
“Infrastructure contractor order data indicate positive Chinese demand momentum through 2017,” Mr Glasenberg was quoted as saying.
“The electric vehicle revolution is happening and its impact is likely to be felt faster than expected,” Glasenberg said, which would boost demand for copper, nickel and cobalt. Though he added that demand may outstrip supply, noting that “sustaining copper mine supply is progressively more challenging.”