“With inventories relatively low, the prospects of further stimulus measures triggered restocking across commodities, which should keep demand strong in the short term,” ANZ Group Holdings Ltd. said in a note after Chinese customs released its latest trade figures on Thursday.

Still, the country’s recovery from the pandemic has fallen well short of expectations and confidence among households and businesses is fragile. Deflationary pressures in the economy and a weaker currency have added to the headwinds faced by importers, although fears that the yuan will slide further may have motivated some to front-load purchases.

Eoin Treacy's view

A jump in Chinese demand for industrial commodities would normally be cause for celebration among miners. China’s demand growth has been one of the primary reasons investors have been willing to give credence to the view that a new secular bull market in commodities is unfolding. The problem is the narrative does not match up with the price action.