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Mongolia's mining boom depends on commodities demand from China, whose economy has slowed this year.
They painted a complex picture of commodities demand in particular, saying that their country's economy was still running very briskly, but that buyers were becoming resistant to paying steeply rising prices for some products and were deferring purchases.
Oil, foodstuffs and many other raw materials are priced in dollars, and as the currency falls in value, suppliers of these commodities demand higher prices just to stay even.
"The important thing for me was the way in which the company conveyed confidence that commodities demand and pricing will remain solid going forward," said Damien Hackett, head of mining research at Canaccord Adams, a financial services firm in London.
Any serious uptick in commodities demand will favor metal, oil and gas exporting countries.
But Rio Tinto's chief economist, Vivek Tulpule, reportedly said Thursday that he expected a rebound in commodities demand in 2009.
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Most of the money went to subsidies for crop insurance and commodities, demanded by the corn, rice and sugar barons who fill campaign coffers.
Markets have responded to soaring commodity demand and prices.
Further monetary easing should be generally supportive of commodity demand.
Shipping operates with an extra lag since shipowners respond to higher commodity demand.
Slower global growth could then feed back into weaker commodity demand.
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