An earlier version of this story incorrectly attributed a quote. The story has now been corrected.

Oil prices are trading near a six-year low, copper futures have shaved off 20% year-to-date and wider panic has grabbed the commodities market in fears over a sharp slowdown in China.

There are plenty of reasons to be downbeat on the resources industry at the moment, but don’t count out a comeback for the depressed sector, says commodities veteran investor Jim Rogers.

“As far as commodities are concerned, it’s all about supply and demand, and you’re having huge cutbacks in supply. We’re already having supply problems in some agricultural products and we’re going to have problems with oil products,” he said in an interview with the BBC’s Radio 4 aired on Wednesday morning.

“So I don’t think that the bull markets in commodities have gone away forever, because supply is going to be a [factor]. You can have a bull market with flat demand or even declining demand if supply is not there,” he said.

His comments come after a week mired by wider market turmoil, triggered by concerns growth in China — a major consumer of natural resources — will slow down dramatically. The People’s Bank of China has attempted to revive the country’s economy and financial markets through several easing measures, but investors haven shaken off the efforts with the Shanghai Composite Index SHCOMP, -1.28% Wednesday closing lower for a fifth straight session.

Read: Forget the Dow, we’re all playing the Chinese markets now

One of the hardest hit commodities has been oil, which earlier this week settled below $39 a barrel for the first time since February 2009. Oil has been under intense selling pressure since last summer because of a supply glut, partly due to high U.S. oil production on the back of the shale and ”fracking” revolution.

But even for oil traders, there’s hope, according to Rogers.

“One old saying in the investment world is that the cure for low prices is low prices. They solve themselves as supply dries up,” he said in the Radio 4 interview.

“Oil reserves have been declining all over the world. We’ve been consuming more than we’ve been finding and now the frackers are out of business. Or will be out of business soon, they may not know it yet, but they are going to be out of business soon. So don’t give up on commodities,” said Rogers.