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Commodity and oil shares dip in Shanghai
By Lydia Chen |
January 14, 2011, Friday
|
Online Edition
Online Edition
SHANGHAI'S key stock index tumbled this morning, battered by sliding commodity shares and oil producers as prices of metals and crude oil fell in world markets.
The Shanghai Composite Index lost 0.94 percent to 2,801.12. Turnover declined to 45.24 billion yuan (US$6.85 billion) from yesterday morning's 48.64 billion yuan.
Jiangxi Copper plunged 4.01 percent to 40.26 yuan. Yunnan Copper lost 3.78 percent to 25.69 yuan.
Copper in London dropped for a second day. Futures in Shanghai also shed.
PetroChina, the country's biggest oil producer, was down 1.05 percent to 11.27 yuan. China Petroleum & Chemical Corp also slipped 1.29 percent to 8.42 yuan.
Oil declined for a second day in New York on concerns that demand may be slow to rebound in the United States after a government report said the number of first-time claims for unemployment insurance payments jumped to the highest since October. Demand for petroleum products has tumbled 8.2 percent in the past two weeks in the US, the world's biggest crude oil consumer.
The Shanghai Composite Index lost 0.94 percent to 2,801.12. Turnover declined to 45.24 billion yuan (US$6.85 billion) from yesterday morning's 48.64 billion yuan.
Jiangxi Copper plunged 4.01 percent to 40.26 yuan. Yunnan Copper lost 3.78 percent to 25.69 yuan.
Copper in London dropped for a second day. Futures in Shanghai also shed.
PetroChina, the country's biggest oil producer, was down 1.05 percent to 11.27 yuan. China Petroleum & Chemical Corp also slipped 1.29 percent to 8.42 yuan.
Oil declined for a second day in New York on concerns that demand may be slow to rebound in the United States after a government report said the number of first-time claims for unemployment insurance payments jumped to the highest since October. Demand for petroleum products has tumbled 8.2 percent in the past two weeks in the US, the world's biggest crude oil consumer.
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