China: Mixed commodity trade data – ANZ
|ANZ analysts note that China’s commodity imports for September were mixed amid uncertainty surrounding global economic backdrop.
Key Quotes
“Energy imports showed continued strength, while industrial metals were largely weaker. We suspect volumes may also have been boosted by restocking ahead of the 70th anniversary holiday, suggesting overall demand remains weak.”
“With maintenance season wrapping up, oil imports stayed buoyant. Attractive profit margins continued to favour higher imports; despite the industry burdened by higher products inventories. LNG imports slipped only slightly from their August levels, but were up strongly on a y/y basis.”
“Copper imports weakened sharply last month. Primary copper imports fell 14.6% while concentrate imports were down further. Overall, this saw total copper units imported (refined metal + copper in concentrates) fall 16% y/y. This likely reflects subdued activity in the manufacturing sector, particularly considering the uncertainty that the US-China trade conflict presented during this period.”
“The continued recovery from recent disruptions in Australia and Brazil were reflected in stronger iron ore imports. Coal imports tailed off from strong levels the previous month but remained relatively elevated. However, with the peak demand season coming to a close, import demand is likely to weaken further.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.