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Shares rise helped by commodity price surge
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SHANGHAI stocks yesterday rose for the fourth straight day to a two-month high, lifted by a commodity price surge.
The Shanghai Composite Index gained 0.64 percent to 3,216.84 points.
Good news over the weekend, including a rally in metal prices, supported the market, said Tian Weidong, analyst at Kaiyuan Securities in Xi’an.
Shares in metal producers rose strongly, with Jiangxi Copper adding 3.5 percent to a two-and-half-month high, as copper prices surged after a strike at BHP Billiton’s Escondida mine in Chile, the world’s biggest copper mine, caused a global supply shortfall.
Tian said liquidity concerns also eased somewhat as the central bank injected 100 billion yuan (US$14.5 billion) into money markets yesterday after skipping open market operations for six trading days.
Yunnan Coal & Energy Co jumped by the daily limit of 10 percent to 6.34 yuan.
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