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Commodity rally boosts market in morning

SHANGHAI'S key stock index rose nearly 2 percent in the morning session, led by commodity producers on higher raw material prices.

The benchmark Shanghai Composite Index gained 1.9 percent, or 57.43 points, to close at 3,131.21 points. Turnover stood at 60.2 billion yuan (US$8.9 billion). Gainers outnumbered losers 847 to 21 and 4 stocks remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, was up 2.63 percent to close at 1,157.61 points.

Jiangxi Copper Co was up 4.6 percent to 37.98 yuan. Aluminum Corp of China advanced 4 percent to 14.2 yuan. Shandong Gold Mining Co retreated 1.2 percent to 74.43 yuan. Shandong Gold Mining Co surged 4.2 percent to 77.56 yuan.

The London Metals Index, a measure of six metals including copper and aluminum, gained 1.8 percent yesterday, the most in a week. Gold rose 2.1 percent in New York and crude oil advanced 3.1 percent.

Coal miners outperformed on media reports that contract coal price for next year rose as much as 25 percent. China Shenhua Energy Co jumped 3.5 percent to 32.81 yuan. Datong Coal Industry Co soared 5.6 percent to 44.56 yuan. Pingdingshan Tian'an Coal Mining Co hiked 5.3 percent to 30.95 yuan.

Brewers remained strong thanks to the looming peak consumption season at Spring Festival. Wuliangye Yibin Co hiked 7.4 percent to 32.20 yuan. Anhui Golden Seed Winery Co rose 6.2 percent to 16.36 yuan.


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