Source:Reuters Published: 2013-11-6 23:38:01
China's main commodities imports likely eased from record levels last month due to a week-long holiday in October, but shipments of crude oil, copper and iron ore are still expected to post strong annual growth as the economy recovers.
Import demand for crude oil, copper and soybeans is seen staying elevated through the rest of the year, as an invigorated manufacturing sector boosts consumption by refineries, smelters and crushers, traders and analysts said.
China, the world's top commodity buyer, is showing signs of a stabilizing economy after growth had slowed for nine of the past 10 quarters.
Two surveys this month showed manufacturing was on a stronger footing and expanded at its fastest rate in at least seven months.
Preliminary trade data is due to be released on Friday.
China's headline exports are forecast to have rebounded in October after a surprise fall in September, reinforcing the government's view that the economy has regained some momentum as its prepares to unveil plans for an economic overhaul at the Third Plenary Session of the Communist Party of China Central Committee.
Crude oil imports from China, which overtook the US to be the world's top net importer in September, likely fell in October after hitting a record high of 6.25 million barrels per day in September, traders said.
China's iron ore imports in October are expected to ease from a record high in September, when shipments jumped 15 percent on a year earlier to 1.1023 ton.
Copper imports in October are expected to hover near an 18-month high posted in September due to strong financing demand, trading sources said.
China, the world's top soybean buyer, will see soy arrivals in October at 4.27 million tons, down from 4.7 million tons in September, think-tank CNGOIC predicted.
Reuters