Metal producers send key index lower
By Feng Jianmin |
April 1, 2011, Friday
|
Print Edition
Print Edition
SHANGHAI'S key stock index yesterday fell for a third day, paring a monthly gain, as metal producers dropped on concerns about China's economic growth.
The Shanghai Composite Index lost 0.9 percent to 2,928.11. The gauge rose 0.8 percent in March.
Copper prices dropped more than US$200 to US$9,400 per ton yesterday in London as China bought fewer supplies of the commodity, sparking concerns over the economic outlook of the world's second-largest economy. The most traded June delivery for copper yesterday fell 500 yuan to 70,700 yuan (US$10,801) per ton in Shanghai.
Metal producers led the decline. Jiangxi Copper Co, China's largest producer of the metal, dropped 1.7 percent to 38.85 yuan despite more than doubling its 2010 profit from a year earlier.
Industrial and Commercial Bank of China lost 1.1 percent to 4.47 yuan after the country's biggest lender said its 2010 profit rose 28 percent to 165.2 billion yuan from a year earlier, making it the world's most profitable bank for a third year.
China Construction Bank fell 1.2 percent to 4.97 yuan.
The Shanghai Composite Index lost 0.9 percent to 2,928.11. The gauge rose 0.8 percent in March.
Copper prices dropped more than US$200 to US$9,400 per ton yesterday in London as China bought fewer supplies of the commodity, sparking concerns over the economic outlook of the world's second-largest economy. The most traded June delivery for copper yesterday fell 500 yuan to 70,700 yuan (US$10,801) per ton in Shanghai.
Metal producers led the decline. Jiangxi Copper Co, China's largest producer of the metal, dropped 1.7 percent to 38.85 yuan despite more than doubling its 2010 profit from a year earlier.
Industrial and Commercial Bank of China lost 1.1 percent to 4.47 yuan after the country's biggest lender said its 2010 profit rose 28 percent to 165.2 billion yuan from a year earlier, making it the world's most profitable bank for a third year.
China Construction Bank fell 1.2 percent to 4.97 yuan.
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