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INSTANT VIEW-China's May imports of soybeans, crude oil fall y/y

China's exports grew more quickly and for a second month in May, recommending factory owners are managing to find buyers overseas and providing some relief to the economy as it fights to mount a durable recovery amid a. drawn-out residential or commercial property crisis.

Outgoing deliveries from the world's second-largest economy. grew 7.6% year-on-year last month, customs information showed on. Friday, beating a projection 6.0% boost in a survey of. economists and a 1.5% rise seen in April.

Imports increased 1.8% in May, slowing from a 8.4% jump in. the previous month.

BOTTOM LINES:

* Soybeans: May imports at 10.22 mmt, down 15% y/y

* Petroleum: May imports at 46.97 mmt, down 8.7% y/y

* Copper: May imports at 514,000 mt, up 15.8% y/y

* Coal: May imports at 43.82 mmt, up 10.7% y/y

* Iron ore: May imports at 102.03 mmt, up 6% y/y

* Unusual earths: May exports at 6,217 mt, up 36% y/y

Preliminary table of product trade information

Below are remarks from analysts on the products data.

COMMENT ON IRON ORE

CHU XINLI, EXPERT, CHINA FUTURES, SHANGHAI

Traders and steelmakers booked some seaborne freights. showing up in May as the lower-than-expected hot metal output in. March cemented beliefs of a boost in coming month.

We expect June imports to remain high in addition to miners may. increase shipments to attain quarterly targets.

COMMENT ON SOYBEAN

ROSA WANG, ANALYST, JCI, SHANGHAI

Customs's soybean import data of 10.22 million metric heaps. is slightly listed below our estimate of 12 mmt as some ships may have. arrived but yet to finished customs clearance. We may see a. bigger arrivals in June import information, but thinking about the impact. of the floods in Brazil, we anticipate a smaller sized figure of. around 11 million metric lots for June.

TALK ABOUT CRUDE OIL

LIN YE, EXPERT, RYSTAD ENERGY, BEIJING

Even though China's imports slowed down considerably. compared with in 2015, petroleum stocks were expected to. boost in May. The accumulation, which has started considering that. mid-April, was owing to year-on-year decrease in crude. throughputs. Apart from heavy refinery upkeep activities in. April and May, weak gas and diesel demand was likewise the key. factor for the pressured runs. Domestic diesel need this year. is particularly weaker than anticipated with the quick penetration of. LNG trucks owing to fairly less expensive gas rates.

COMMENT ON COPPER

ZHANG WEIXIN, ANALYST, CHINA FUTURES, CHONGQING

The dive in May imports came as a surprise given the closed. import arbitrage. The factors could be a reasonably low base in. last May and the timing of delivery arrivals. If you look at. imports in April and May combined, the average is only somewhat. greater than March imports.

LINKS: For information, see the official Customs site. ( www.customs.gov.cn). BACKGROUND:. China is the world's biggest petroleum importer and leading buyer of. coal, iron ore and soybeans.