VIEW China's July exports fall 14.5% y/y, imports down 12.4%
showed on Tuesday, in the worst showing for outbound shipments from the world's second-largest economy since February 2020.KEY POINTS:* Crude oil: July imports at 43.69 mmt, up 17% y/y; Jan-July imports at 326 mmt, up 12.4% y/y* Copper: July imports at 451,159 mt, down 2.7% y/yCOMMENT ON SOYBEANS"Data on soybean imports in July was not surprising.
"Import figures for the remaining four months of the year are likely to gradually come down as soybean sales in Brazil have largely ended and U.S. soybeans are yet to hit the market.""The month-on-month fall in imported volume in July is totally in line with our expectation as overseas shipments in the month fell. Also, the environmental restrictions hampered demand. Moreover, mills remained cautious about purchasing volumes as margins only mildly improved within the month.
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