With Chinese participants away during the National Day holiday on Oct. 1-7, base oil activity was rather subdued in Asia, but some suppliers had high hopes that buyers would return to the market to replenish inventories after the intermission.
Others were less optimistic, given that consumers have been limiting purchases to small cargoes on account of economic uncertainties leading up to the holiday. This trend was not likely to change in the short term, sources added, although recent news about the countrys economic indicators seemed to be more positive. In the past two months, the Chinese economy has actually shown signs of accelerating, according to a Sept. 26 Bloomberg report, with data for monthly retail sales showing that consumption has held up well despite a fall in the trend of industrial production.
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