Rio Tinto Group (RIO) shares are down 15.5% from the April 18 peak on strong headwinds for iron ore and other metals, but the base metal mining stock is still up more than 10% year-to-date. I am bullish on this stock as I believe that the main impediment to higher commodity prices is gradually disappearing, causing traders to return strongly to this stock.
Rio Tinto Group operates as a global mineral resource explorer, producing iron ore, aluminum (alumina and bauxite), copper, various industrial minerals (titania slag, borates and salt), gold, diamonds and other commodities such as molybdenum and silver.
Most of its business comes from iron ore, which accounts for more than 67% of Rio Tinto’s total consolidated sales in 2021.
Aluminum (alumina and bauxite) made up 19.3% and copper 5%.
The head office is in London, UK.
US employment data falls short of expectations, aluminium ingot continues destocking trend this week
