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March 28, 2017

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Commodity price drop sees shares end down

SHANGHAI shares edged down yesterday after commodity prices plunged as high inventories raised concerns that demand is not picking up as much as had been expected.

The Shanghai Composite Index slid 0.08 percent to close at 3,266.96 points.

Commodity prices plunged, with the most traded coking coal contract for May delivery losing 5.22 percent and iron ore for September delivery falling 5.17 percent — the largest daily loss in the past two months — as domestic iron ore inventories have been accumulating, said the China Iron and Steel Industry Association.

Ye Song, fund manager at Chang Xin Asset Management, wrote in an annual fund report that the property curbs and deleveraging efforts cast doubt on the sustainability of the economic recovery, suppressing equity valuations.

China Coal Xinji Energy Co fell by the daily 10 percent cap to 5.23 yuan (76 US cents).


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