China Posts Robust Commodities Imports Despite Stuttering Growth
- Monthly records set for copper ore and soybean purchases
- Gas imports top 10 million tons for the first time this year
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China posted robust commodities imports in May, defying stutters in the wider economy, as buyers took advantage of weaker international prices and energy importers stocked up ahead of peak demand in the summer.
Traders may also be anticipating that Beijing will soon ramp up stimulus to revive growth. Unless demand lifts significantly, much of the extra supply, especially of industrial materials, could end up being stockpiled. That would further weigh on prices as the usual lull in factory and construction activity takes hold over the summer.