Goldman Sachs says demand in China for many major commodities has been growing at what they refer to as 'robust rates', ahead of their earlier forecasts.
- China’s demand for copper has risen 8% y/y
- for iron ore +7% y/y
- for oil +6% y/y
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- “The improvement in manufacturing trends so far in Q3 has also coincided with stronger import levels of base metals,”
And, on oil:
- China’s oil demand has also been rising on the back of a “rapid recovery” in oil-intensive services sectors such as transportation
- “China’s demand for oil has been supported by record internal mobility, as indicated by robust congestion and domestic flight data,”
- “In our view, this robust level is sustainable, although we expect growth to decelerate significantly next year.”
