China data lifts industrial metals; oil lower
China's commodity imports recovered strongly in July with strong increases seen in energy and metals. Whether this is a sign of a pickup in activity or just a buildup in stocks remains to be seen. Industrial metals nevertheless received a boost with copper seeing a significant amount of short-covering which also positively impacted silver and to a lesser extent, gold. Oil markets, however, went the other way led by gasoline after weekly inventory data raised doubts about whether demand for gasoline from US motorist would be strong enough to absorb the increased production seen during July.