Evidence of China’s rapid economic rebound has reignited hopes of a banner year for demand in the world’s top commodities importer. How Beijing chooses to support the recovery at its upcoming annual policy meeting will now be the focus of markets from copper to crude and soybeans.
China’s reopening, and the policy measures that accompany it, are likely to raise demand and prices across a raft of raw materials after the final throes of Covid Zero caused consumption to nosedive last year. But the nature of that support could be crucial to sorting out which markets win most from the government’s renewed focus on economic growth.