KLTM
                 28 July29 July
 Tin19,24019,280
 LME
 27 July
28 July
 Tin 19,50019,410
 Nickel 20,72520,435
 Copper 7,091.57,120
 Gold 1,168
n.y.a
 Silver 1,8161,763
 Aluminium 2,0452,059
 Steel(billets)445
n.y.a
In tonnes except gold & silver in troy oz
Australia set for decades-long mining boom (23Oct09)
According to Australia’s Treasury Secretary, Ken Henry, the country could be set for a decades-long commodities boom fuelled by rocketing demand from China and India.  It now appears the impact of the global financial crisis on the Chinese and Indian economies hasn’t been nearly as large as many feared.  Australia enjoyed a decade of stellar economic growth, underpinned by intense demand for resources from fast-industrialising China and India, until the global financial crisis.

 

The world’s biggest miner, BHP Billiton said it expected growth in China to fuel a new boom over coming decades, with global steel demand to double in 15 years.  China was Australia’s number two trading partner in 2008, recording two-way trade worth A$73.93 billion (RM229.18), up 13.3% on the previous year.  Iron ore comprised more than half of Australia’s A$32.48 billion (RM100.69 billion) exports to China.

Australia’s government and central bank have cited trade links with China as a main reason for its success in weathering the global financial storm.  Australia is the only major Western nation to avoid a recession.  It posted a growth of 0.6% in the three months to June and this month became the first advanced economy to raise interest rates, boldly declaring the risk of recession over.

(Source:  The Sun 23 October 2009)

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