Oversupply to continue, says BHP’s Mackenzie

[miningmx.com] – THE global oversupply of commodities that is putting pressure on commodities is likely to be prolonged, said Reuters citing a presentation by Andrew Mackenzie, CEO of BHP Billiton.

“Incremental supply, induced during periods of higher prices, will take longer to absorb and this means over-supply may persist for some time,” said MacKenzie a gathering of sector executives and Australian lawmakers.

Prices for most commodities are now lower than the extreme highs of the recent past and closer to more sustainable longer term levels, said Reuters citing Mackenzie.

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