Crude oil (+1%) imports jumped to the second highest on record thereby solidifying China’s role as the world’s biggest importer. Strong imports have partly been driven by China’s quest to build strategic reserves. According to the IEA these have now reached around 850 million barrels (more than 90 days of import). OECD nations hold 90 days worth of imports in strategic reserves. Having met that target through aggressive buying the question now remains whether China will keep up its buying pace into 2018.
Copper (0.2%) trading higher as well after China’s import of unwrought copper rose 10% from previous month to 430,000 tons, the biggest since March