Suez Canal for Technology Settling Reports 9-Month Profit of $27.4 Million
RIYADH: Chinese stocks edged higher on Wednesday, ending a three-game losing streak after data showed June exports rose at their fastest pace in five months, even as the recent rise in cases of COVID-19 was clouding the outlook for economic recovery.
The blue-chip CSI300 index rose 0.2% to 4,321.46, while the Shanghai Composite index edged up 0.1% to 3,284.29 points.
The Hang Seng index fell 0.2% to 20,797.95, while China’s corporate index lost 0.6% to 7,145.83 points.
June crude oil imports fall as lockdowns hit demand
China’s daily crude oil imports in June fell to their lowest level since July 2018 as refiners predicted COVID-19 lockdown measures would dampen demand, data showed Wednesday.
The world’s top buyer of crude imported 35.82 million tonnes last month, according to data from the General Administration of Customs, which equates to 8.72 million barrels per day.
That’s 11% lower than a year ago and 19% lower than May’s level of 10.8 million bpd.
Imports in the first half of 2022 fell 3% from the same period last year to 252.5 million tonnes, or around 10.2 million bpd, amid months of COVID control measures -19 and government restrictions on fuel exports capped crude purchases.
June soybean imports fall 23% on weak demand
China’s soybean imports in June fell 23% from a year earlier to 8.25 million tonnes as high world prices and weak demand dampened appetite for oilseeds, it revealed. Wednesday customs data.
Last month’s imports were also lower than May’s 9.67 million tonnes, according to data from the General Administration of Customs.
Soybean prices have jumped this year after bad weather hurt production and exports from Brazil, China’s biggest supplier, while demand from the world’s biggest buyer is markedly weaker than a year ago.
Soybean arrivals last June reached their third highest on record.
“You can’t compare this year and last year. The situation has totally changed,” said a China-based soybean trader who declined to be identified.
June copper imports jump 15%
China’s copper imports in June rose 15.5% from a month ago to 537,698 tonnes, according to customs data released on Wednesday, after demand picked up following the lifting of COVID-19 lockdowns. that had hurt manufacturing activity.
The official manufacturing purchasing managers’ index rose to 50.2 in June from 49.6 in May, the first time that it exceeded the 50-point mark that separates contraction from growth since February.
China is the world’s largest consumer of copper, which is used in various sectors ranging from electricity to construction and transportation.
An open arbitrage window also supported copper imports between Shanghai and London copper prices in May and June.
Imports of copper concentrate, or partially processed copper ore, came to 2.06 million tonnes in June, down 5.9 percent from 2.19 the previous month, according to customs data.
The country exported 607,443.40 tons of unwrought aluminum and aluminum products, including primary, alloy and semi-finished aluminum products, in June, compared to 676,604.6 tons in May.
(Contributed by Reuters)