Investing.com - Rio Tinto Ltd (ASX:RIO) is scheduled to report H1 results ahead in Wednesday's session, amid expectations of falling profits as prices for iron ore and copper retreated throughout 2023, down more than 20% from record highs in 2022.
Rio Tinto Ltd (ASX:RIO) stock finished 3.4% higher yesterday, alongside other mining stocks also flashing buy signals on China optimism.
Wall Street analysts predict earnings to drop 32% to $3.59 per share, with revenues expected to drop 11% to $26.54 billion.
Rio Tinto CEO Jakob Stausholm noted that the company continued its measured approach to grow in the materials the world needs for the energy transition.
However, following recent stimulus rhetoric from China, speculation of higher metal prices has boosted trader sentiment.
Investors will be monitoring any developments on existing projects, including its $140 million lithium project in Argentina.