The Rio Tinto Limited (ASX: RIO) share price has climbed higher on Monday. In late trade the mining giant's shares are up almost 1.5% to $71.45.
This latest gain means that the mining giant's shares have now climbed over 19% since the start of 2017.
Is it too late to invest?
Despite this strong gain, one leading broker doesn't believe it is too late to invest in Rio Tinto.
According to a note out of the equities desk of Macquarie, its analysts have retained their outperform rating and $82.00 price target.
This price target implies further upside of almost 15% for its shares over the next 12 months.
Macquarie made this recommendation after updating its copper and gold forecasts following Rio Tinto's recent update.
Should you invest?
While I would choose BHP Billiton Limited (ASX: BHP) ahead of Rio Tinto due to its diverse operations and exposure to an improved oil price, I do think it would be a great option for investors looking for options in the resources sector.
Ultimately, I think BHP, Rio Tinto, and Fortescue Metals Group Limited (ASX: FMG) could all be market beaters next year due to the positive outlook for the global economy and demand for commodities.