The 472,000 tonnes sold were the most in a single day since November and a ‘positive signal’ of Beijing’s intentions, analysts said
“China has a long way to go to reach their commitments, but this is a positive signal that they have intentions to do so,” said Mark Knight of grain merchandising firm Farmer’s Keeper, adding the purchase had been rumoured in the marketplace for several days.
“Like this week’s purchases, I would also expect China to show good faith in September when Xi visits,” Knight added, referring to the Chinese leader’s planned visit to Washington later this year.