The state of Chinese commodities shows recovery taking hold

From oil to copper to coal, China’s gigantic commodities industry is signaling that the first economy to be flattened by the coronavirus is getting closer to a return to normality.

Bloomberg Economics estimates that most of China was 90% to 95% back to work at the end of last week, noting pick-ups in the steel market, construction activity and crude processing. Those oil refineries, as well as coal-fired power plants, are nearing last year’s operating rates, while metals stockpiles have shrunk from record or near-record levels. It’s a three-month cycle of collapse and recovery marked by perhaps the most heartening milestone for those nations still fending off the worst of the virus: China has now reported zero new Covid-19 deaths for the first time since January.