Even as global resource stocks have had a stellar run-up in the recent weeks, driven by signs of stabilization in China's economy, cheap valuations and short covering, questions are building over the sustainability of this trend.
"There has been a lot of trading money coming into the space by longer-term investors who have wanted to buy the mining space, but haven't had the clarity because of China, falling commodity prices," Chris Weston, senior investment strategist at IG Markets told CNBC.
"But the easy money has been made. The question now is how much more upside do we think there's going to be," he said.
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According to Weston, further gains are likely in the near term given improving sentiment around the global economy. But beyond that, he says the outlook for mining stocks remains unclear, pointing to the risk of a selloff in commodities once the U.S. Federal Reserve begins to taper monetary stimulus and potential oversupply in resources such as iron ore in 2014.