1. China gobbles up commodities – China imported roughly 13 mb/d of oil in June, a record high. – China also imported a record high 656,000 tons of copper last month. “This shows that China took advantage of the low copper prices in the spring (for a time copper was priced below $5,000) to buy up large quantities on the world market,” Commerzbank said in a note. – But tensions between the U.S. and China are putting downward pressure on commodities. Copper prices fell 1.5 percent on Monday, although prices are still elevated. – Also, the buying spree may have been temporary, as both crude oil and copper prices have increased. – “The relatively high price level now and the high utilization of storage capacities in China make it unlikely that the buying spree will continue,” Commerzbank cautioned in a note. 2. Oil demand on the mend – Global […]