China's bulk commodity price index stood at 128.6 points in July, down 1.3 percent month on month, but still up 15.5 percent from a year earlier, according to data released by the China Federation of Logistics and Purchasing on Wednesday.
Among the 50 major bulk commodities monitored by the federation, 14 recorded month-on-month price increases in July. Coke, praseodymium-neodymium oxide, and corrugated paper posted the largest gains, rising 7.1 percent, 6.4 percent, and 5.6 percent, respectively.
The price indices for chemicals, ferrous metals, and minerals all dropped month on month, weighed down by softening international crude oil prices, traditional off-season demand, and extreme weather events including high temperatures, heavy rains and typhoons.
In contrast, the agricultural product price sub-index rebounded slightly month on month, driven by tight supplies and rainfall-related disruption for certain varieties.
Experts say that the month-on-month decline in July was partly attributed to falling international crude prices and seasonal adjustments amid sweltering heat and rainy weather. Despite a complex international landscape and lackluster effective demand in some domestic sectors, businesses remained broadly optimistic about the outlook, while new growth drivers continued to expand.
They say the year-on-year increase showed that the fundamentals of China's bulk commodity market remain solid overall while the month-on-month decline is more of a structural adjustment, which does not change the long-term positive trajectory of the market.
China's bulk commodity price index edges down in July
