Strategy Report

China And Commodities

11 May 2016

by Arthur Budaghyan, Chief EM/China Strategist

China's underlying final demand for crude and oil products (excluding changes in inventories) has been weaker than is suggested by its imports of crude oil. The government has used lower oil prices to accumulate strategic petroleum reserves (SPR). Commodities prices are at a risk from weaker China/EM demand going forward.

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