China's Oct commodities imports to rise on year on better economy
SHANGHAI (Reuters) - 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 economic recovery gathers pace.
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.
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 expanding at its fastest rate in at least seven months.
Preliminary trade data is due out on Friday between 0200 and 0300 GMT.
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 on November 9-12.
Crude oil imports from China, which overtook the United States 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.
Stockpiling may have eased in October after China's commercial crude oil inventories jumped more than 10 percent in the previous two months.
Traders said it was hard to tell if refinery run rates would recover in October, after falling 1.2 percent on a year ago in the preceding month, as two major refineries had began maintenance work just as a few other plants returned on-stream. Continued...