The commodities bull run was expected to continue because there was no extra supply to drive prices down, said investment guru, Jim Rogers.
"We can expect to see some corrections along the way, but the idea that the commodities bull run has come to an end is ludicrous," Rogers said. He was speaking on Classic Business, a week nightly radio broadcast.
"Where is the oil going to come from?" said Rogers. "Where is the lead that is going to drive the lead price down and keep it down going to come from?" There had been no new lead mines brought on stream in the last 25 years, Rogers said.
"It's madness [to say] there is enough oil to bring the price down and keep it down; and even if there were gigantic amounts of oil in the world, it would take many years to find and bring it to the markets," he said.
He added: "The bull run will not last forever, but it would take more than the price of oil to bring it down," he said.
However, India was not likely to rival China in future in terms of future demand. "People speak of India and China as the same but they are very different.
"It's like South Africa and Zimbabwe, just because they are neighbors doesn't mean that they are the same. I would not bet my money on India," Rogers said.
