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The State of China Commodities: A Slow & Unsteady Recovery

  • Oil refining, coal use trending higher on renewed activity
  • But copper, steel stockpiles bloated, and soy crushers slowed
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Supply and demand in China’s gigantic commodities industry show how the world’s biggest consumer is making a gradual but uneven return to normality after being ravaged by the coronavirus.

While oil refining and coal use slowly trend higher as factories resume operations and people get back in their cars and return to work, metals stockpiles are still surging as consumption teeters globally and soybean processing has slowed due to a drop-off in imports.