Sometimes a picture, or in this case a chart, speaks a thousand words.
Morgan Stanley, as part of a broader China note, came up with this gem over the weekend.
It shows Chinese demand for bulk and base metals as a percentage of total global demand.
For the bulks it makes up over 70% of all seaborne iron ore demand and around 20% for both metallurgical and coking coal.
In base metals it sits around 50% for copper, zinc, Aluminium and Nickel.
While US Dollar movements are influential on commodity prices, particularly base metals, given its share of global demand it’s clear why China’s economic performance is an equally important factor.