[miningmx.com] – SOUTH African mining stocks plumbed record depths, said Bloomberg News which said Kumba Iron Ore and Impala Platinum sank to multiyear lows while all 11 of the most active securities trading at 52 week lows on the Johannesburg Stock Exchange were resource-related.
“The commodities slump will be prolonged as long as there’s dollar strength,” Rob Pietropaolo, a trader at Vunani Private Clients, told Bloomberg News.
“There’s an oil glut, a platinum glut, a steel glut and there’s no inflation to counter gold. Everything together, if you take the slowdown and the stronger dollar, bodes very badly for commodities in the medium- to long-term. You need growth for commodities to go up,” he said.
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