China’s imports of major commodities show price remains key driver

While there is uncertainty over the next moves that China’s refiners may make, there is more clarity on the trade in metals. — Reuters

CHINA’s trade in major commodities in May underscored that price moves are the primary driver of changes in flows in the world’s biggest buyer of natural resources.

The headline-grabbing number from Monday’s customs data was the collapse in crude oil imports to an eight-year low of just 7.79 million barrels per day (bpd).