China imported record amounts of crude oil and iron ore last month, lending support to a commodities market rally which has seen the price of both raw materials nearly double this year.
As the world's largest consumer of a range of commodities, China's buying trends have a huge impact on global prices. The import surge surprised investors as many were expecting a drop in July after large imports in the first half of the year.
“In China, latest [commodities] statistics for July suggest that the economy is in a full-speed recovery,” said JBC Energy, the Vienna-based oil consultancy. The surge comes on the back of the Beijing stim-ulus plan to bolster economic growth.
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