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Commodity futures see prices fall amid outflow
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CHINA’S commodity futures tumbled yesterday amid a capital outflow as investors took profits following a continued surge in prices.
The most active steel rebar futures at the Shanghai Futures Exchange plunged by the daily limit of 10 percent yesterday, as did iron ore and glass futures. Copper futures shrank 6 percent. Coking coal futures on the Dalian Commodity Exchange lost 8.56 percent while coke futures fell 5.92 percent.
However, domestic commodity futures prices had recently been surging, with coke futures hitting a three-year high at 1,820 yuan (US$266) per ton last Thursday. On the same day, copper futures prices peaked at an 18-month high of 46,890 yuan per ton.
The wild swings in commodity prices were linked directly to the capital outflow. On Monday, 12.3 billion yuan flowed out of the commodity markets, the Shanghai Securities News reported.
The outflow continued yesterday as analysts said China Securities Finance Corp sold the stocks of Jiangxi Copper Co for 1.5 billion yuan in “profit-taking,” said eastmoney.com.
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