Global growth – you gotta love it! It is the basis on my investment strategy.
Source: BloombergÂ
By Luzi Ann Javier and Xiao Yu
April 2 (Bloomberg) — Charlie Sartain, chief executive for copper at Xstrata Plc, the world’s fifth-largest miner, said the growth in China’s demand for all commodities “is just phenomenal,” and prices may rise for the next few years.
Demand for copper in the Asian country may increase 8 percent to 10 percent this year compared with 2006, Sartain said in an interview in Manila. “We do see, across all commodities, phenomenal growth,” he said.
China, the world’s fastest growing major economy, has spurred a five-year rally in commodity prices as manufacturers use more steel, nickel and tin. The price of copper on the London Metal Exchange rose to a record $8,800 a ton last May. China is the world’s largest user of the metal.
The “Chinese economy will keep growing strongly and so will commodities demand, including copper,” Chen Yue, Shenzhen- based analyst at Guotai Junan Securities Co., said today. “We are bullish on copper prices for the next few years.” Continue reading “Xstrata Says China Commodity Demand Is `Phenomenal’”