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Commodity Futures Follow Global Declines
By Fu Chenghao |
November 18, 2010, Thursday
|
Print Edition
Print Edition
COMMODITY futures traded in China yesterday fell by the maximum limits set by the exchanges as they took their cue from declines in global markets and investor fears that the Chinese government may adopt more stringent measures to combat inflation.
The benchmark three-month copper contracts on the Shanghai Futures Exchange fell by the maximum 5 percent to 61,550 yuan (US$9,265), extending a loss on the London Metal Exchange. Shanghai zinc and aluminum contracts also fell by their daily limit.
Agriculture contracts such as soybeans, cotton and sugar dropped by daily limits on the Dalian and Zhongzhou commodity exchanges after Premier Wen Jiabao said the government will tame excessive price rises.
The announcement by domestic futures bourses on steps to cool speculation has affected rubber futures which soared as much as 28 percent in Shanghai this week but have fallen 12 percent since last Friday.
The benchmark three-month copper contracts on the Shanghai Futures Exchange fell by the maximum 5 percent to 61,550 yuan (US$9,265), extending a loss on the London Metal Exchange. Shanghai zinc and aluminum contracts also fell by their daily limit.
Agriculture contracts such as soybeans, cotton and sugar dropped by daily limits on the Dalian and Zhongzhou commodity exchanges after Premier Wen Jiabao said the government will tame excessive price rises.
The announcement by domestic futures bourses on steps to cool speculation has affected rubber futures which soared as much as 28 percent in Shanghai this week but have fallen 12 percent since last Friday.
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