China’s demand for major commodities like oil, copper and iron ore has been growing at “robust rates,” Goldman Sachs said.
China's demand for many major commodities, has been growing at"robust rates," Goldman Sachs said in a recent note.China's demand for many major commodities has been growing at"robust rates," Goldman Sachs said in a recent note.
"This strength in demand has largely been tied to a combination of strong growth from the green economy, grid and property completions," the Goldman report observed.While China's embattled property sector is still struggling to recover, the investment bank noted that China's green economy has shown"significant strength" so far this year, resulting in a demand surge for metals related to the green transition, such as copper.
"The most significant strength has come on the renewables side where related copper demand is up 130% y/y year-to-date, led by surging solar related demand," Goldman wrote in a separate report dated Aug. 25."The improvement in manufacturing trends so far in Q3 has also coincided with stronger import levels of base metals," the report stated.in August compared to a year ago, beating expectations for 3.9% growth.
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