China’s demand for oil and copper is ‘booming,’ says Goldman Sachs – by Lee Ying Shan ( – October 1, 2023)

China’s demand for many major commodities has been growing at “robust rates,” Goldman Sachs said in a recent note. The investment bank observed that China’s demand for copper has risen 8% year on year, while appetite for iron ore and oil are up by 7% and 6%, respectively, all beating Goldman’s full-year expectations.

“This strength in demand has largely been tied to a combination of strong growth from the green economy, grid and property completions,” the Goldman report observed.

While China’s embattled property sector is still struggling to recover, the investment bank noted that China’s green economy has shown “significant strength” so far this year, resulting in a demand surge for metals related to the green transition, such as copper.

Goldman’s economists attributed China’s green copper rush largely to its onshore solar installations, which in 2023 so far have “amounted to the level of all previous years’ installations.”

For the rest of this article:,China’s%20demand%20for%20many%20major%20commodities%20has%20been%20growing%20at,beating%20Goldman’s%20full%2Dyear%20expectations.