If you needed any further evidence of how important China is when it comes to the outlook for global commodity prices, this chart surely seals the deal:
From Morgan Stanley, it shows China’s share of total global demand for a variety of major commodities, both now and where it’s projected to sit in the future.
Dominant is probably the most appropriate word to use, with the nation accounting for over 50% of total iron ore, alumina, nickel, thermal coal and thermal coal demand, and over 40% for zinc, copper, lead, zinc, steel and coking coal.
With statistics like that, what happens in the Chinese economy will be felt by commodity producing nations and miners around the world.
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