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January 24, 2017

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Nonferrous metals push shares higher

SHANGHAI shares rose to a two-week high yesterday, helped by a rebound in the nonferrous metal sector.

The Shanghai Composite Index added 0.44 percent to end at 3,136.77 points.

The China Nonferrous Metal Industry Association said in a report that the country’s nonferrous metal industry posted a better-than-expected rebound last year, “bolstered by a rally in demand” and reflected in infrastructure and transport industries.

Sichuan Western Resources Holding Co jumped by the daily limit of 10 percent to 10.40 yuan (US$1.52), and Jiangxi Copper Co gained 5.7 percent to 18.25 yuan.

The defense sector rose 1.3 percent, buoyed by news that President Xi Jinping will head a new commission for joint military and civilian development.


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