Hmmm. China imported 4.37 million barrels of oil each day in August. That sounds like a lot of oil (and it is) but it is a big drop from the record 4.64 barrels a day that China imported in July.
Imports of copper and iron ore also sharply dropped.
I believe the drop is from a reduction or stoppage of of filling China’s strategic oil reserves. The Chinese have been very, very smart about stockpiling oil when it is cheap and holding off when oil prices rise. The Chinese clearly expect oil prices to fall.
More on this topic
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“The One Stock You Must Buy Before Gas Prices Soar”
(Stock Gumshoe, 9/10/09)
The Top 10 Reasons Why the China Sell Off Will Continue
(Investment U, 9/1/09)
The China Lie
(Investment U, 8/20/09)
“The #1 Oil Play in the Country”
(Stock Gumshoe, 9/9/09)
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