Rio Tinto sees commodity prices subdued in short term

Wed Nov 25, 2015 8:51pm EST
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SYDNEY Nov 26 (Reuters) - Commodity prices are likely to remain subdued in the short term as markets come to terms with oversupply and slower Chinese growth, the head of global mining giant Rio Tinto's copper and coal divisions said on Thursday.

Jitters about China's fiscal and monetary responses to the slowdown there had rattled markets, but Rio still expects China to grow at around 7 percent this year, Rio Tinto copper and coal chief executive Jean-Sebastien Jacques said in Sydney.

"I believe these supply-side issues, combined with certain macro-economic conditions, and the action of some industry players such as hedge funds, mean that some market distortions exist." (Reporting by James Regan; Editing by Joseph Radford)