An uneven global recovery from the coronavirus pandemic and concern over the prospects for second waves of infections are weighing on the outlook across commodities markets, according to Rio Tinto Group.
While demand is strong in China, the top raw materials consumer, the US copper market remains weak, the aluminum sector is being challenged by sluggish auto sales and there’s likely to be a muted rebound in Europe and Japan even as they ease virus curbs, the world’s No. 2 miner said Friday.
“If I look at the Chinese situation, the recovery is well underway,” and the country is experiencing a V-shaped rebound, supporting iron ore and bauxite, Rio’s CEO Jean-Sebastien Jacques said in a phone interview.