While the announcement of new stimulus measures by Chinese officials coincided with increases in many commodity prices, the package does not materially alter the outlook for China’s commodity demand. This could change if fiscal stimulus was announced – particularly if it were directed at infrastructure. But even then, structural economic headwinds will constrain commodity demand growth later this decade.
Subscriber content
Read this in full, free
Start a free trial and use one of your 10 free starter credits to unlock this piece.