MNI Commodity Analysis: China Golden Week Set to Serve Further Boost for International Travel

• China’s Golden Week travel is set to boost both domestic and international travel out of the country from the end of month, while its longer than usual duration is encouraging travel further afield.
• China PMI figures are set for release towards the end of the week and despite China being on a national holiday will give markets a gauge of whether China stimulus attempts are having their desired effect.
• China refinery runs are soaring, supported by solid domestic demand but also by third batch export quotas released at the start of the month as well as strong export margins.
• Discounted barrels from Iran continue importing at pace, mainly going into Shandong province to support surging refinery runs. Iranian barrels are facing less scrutiny by customs, allowing their pace to recover and avoid hold-ups.

MNI Commodity Analysis - China Golden Week Set to Serve Further Boost for International Travel.pdf