China Commodity Bulls See Big Gains When Covid Pain Subsides
- Analysts, traders see consumption improving from next quarter
- Nation is world’s No. 1 importer of oil, copper and soybeans
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China’s abandonment of Covid Zero is stirring hopes that a demand recovery in the world’s biggest commodities importer will boost prices once the country gets over the current virus wave.
Beijing’s retreat from virus controls since early last month has aided sentiment across raw materials. Traders are piling into iron ore futures, copper is rising despite the prospect of recessions in the US and Europe, and there’s talk of record annual soybean imports. China is also expected to buttress global oil demand this year.