China’s imports of several major commodities fell in June, one of the latest symptoms of the country’s slowing economy, Reuters reported. Crude oil imports fell to 15% from the month prior, copper imports dropped 17.5% and iron imports declined 8.7%. Soybean imports increased to 5.62 million metric tons but fell short of forecasts. Commodity imports were unusually high in May, and the June figures more accurately reflect the state of China’s weakening economy, analysts said. Imports are weighed down by lower demand domestically and by weak economies in the US and Europe, China’s main trading partners. “We just need patience to see demand for commodities pick up gradually in September and October, and that will of course be at a quicker pace if the government adopts more measures to boost economic growth,” said Henry Liu, Hong Kong-based commodity research chief at Mirae Asset Securities.
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