Goldman's: China’s oil demand oil supported by record internal mobility, & is sustainable

<p>Goldman Sachs says demand in China for many major commodities has been growing at what they refer to as 'robust rates', ahead of their earlier forecasts. </p><ul><li>China’s demand for copper has risen 8% y/y</li><li>for iron ore +7% y/y</li><li>for oil +6% y/y </li></ul><p>More:</p><ul><li>“The improvement in manufacturing trends so far in Q3 has also coincided with stronger import levels of base metals,”</li></ul><p>And, on oil:</p><ul><li>China’s oil demand has also been rising on the back of a “rapid recovery” in oil-intensive services sectors such as transportation</li><li>“China’s demand for oil has been supported by record internal mobility, as indicated by robust congestion and domestic flight data,”</li><li>

“In our view, this robust level is sustainable, although we expect growth to decelerate significantly next year.”</li></ul>

This article was written by Eamonn Sheridan at www.forexlive.com.