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of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
CHINA DATA
Looking at China import commodity volumes more closely, July delivered positive gains for most commodities outside of oil. Y/Y trends though remain fairly modest across key commodities, with oil losing further momentum in July and copper also slowing.
- Coal was up to 46.21/t from 44.60 in June. Iron ore import volumes also rose to 102.8/t from 97.61 prior. Natural gas was also higher at 10.86/t from 10.43 in June.
- Some food products were down, while oil was also off (to 42.3/t, versus 46.45 prior). Copper imports were close to steady in volume terms.
- In terms of trends, the broader backdrop still looks like softening momentum. The first chart below is oil and LNG import volumes on a 3mma y/y basis. LNG is also moving off recent highs.
- Metal and coal trends have been volatile, see the second chart below. Copper is now at its slowest pace in a number of years. Coal is painting a more positive picture.
Fig 1: China Oil Import Volumes Slowing
Source: MNI - Market News/Bloomberg
Fig 2: China Metal & Coal Import Trends
Source: MNI - Market News/Bloomberg
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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