Latest News:  
Beijing   Sunny/Cloudy    29 / 21 ℃  City Forecast

English>>China Business

SHFE copper steps down as stimulus hopes fade

By Michael Bellart  (Global Times)

10:25, September 05, 2012

Chinese commodity futures were mixed Tuesday after the optimism about the possibility of additional monetary stimulus ran its course.

The most traded copper contract on the Shanghai Futures Exchange (SHFE) slipped 0.28 percent to close at 56,020 yuan ($8,824.26) per ton. The December contract opened 0.25 percent above Monday's closing price, but slipped early in the session and never fully recovered.

The SHFE contract was in line Tuesday with the benchmark three-month contract on the London Metal Exchange (LME), which was trading flat at $7,662 per ton when the Chinese mainland markets closed.

The SHFE steel rebar for January delivery continued its drop, falling 2.06 percent to 3,282 yuan per ton. It was the contract's lowest price since it started trading in 2009, according to Reuters. Rebar's drop stems from concerns about a slump in the Chinese economy and an overcapacity in the steel industry.

Soybean price continued to rise on supply concerns, breaking 5,000 yuan per ton for the first time this year. The most-traded soybean contract on the Dalian Commodity Exchange rose just under 1 percent to close at 5,046 yuan per ton.

Production problems in South America and a historic draught in the US were responsible for the run-up in prices, Reuters reported.

News we recommend:
Amusement parks boost real estate market Survey shows SOE jobs are top choice CNOOC pushes ahead with Nexen acquisition
The Pain of a Pension Deficit Staying on Target More new grads opt for State firms
Treading Lightly for Fast Growth  Questions raised over stores' price war A fertile ground for overseas banks


Leave your comment0 comments

  1. Name


Selections for you

  1. Russia celebrates anniversary of 1812 War

  2. Artillery troop unit in close-to-real-combat drill

  3. Development of China's industrial economy in past decade

  4. Tai Chi: Techniques Still Change Lives

  5. Sexy photos of Zhang Xinyu

  6. African witchcraft offering market

Most Popular


  1. A lesson learned about attractiveness
  2. Hainan's island idyll needs military guard
  3. Editorial: Non-manufacturing PMI
  4. Territorial clash makes Japan upgrade diplomacy
  5. HK national education controversy highly politicized
  6. Commentary: A special relationship indeed
  7. Chinese firms exposed to malicious IPR allegations
  8. Obama's 'forward agenda' hard to garner support
  9. Vigilant Internet watchdogs deter corrupt officials
  10. Accusations of China's arms exports unfair

What's happening in China

Harsh justice recommended for bribe givers

  1. Project to create 28 man-made lakes in Xi'an
  2. Search for missing in boat accident continues
  3. Cold medications face tighter controls
  4. Beijing seeks cure for urban development ills
  5. 'Extravagant' offices feel netizen's ire

China Features

  1. Chinese books gains worldwide popularity
  2. 'City in wonderland’ appears after rain
  3. Chinese investment good for the host nations
  4. Unforgetable images of London Olympics
  5. Clinton's high profile in S. Pacific with great pain

PD Online Data

  1. Ministry of Water Resources
  2. Ministry of Railways
  3. People's Bank of China
  4. Ministry of Health
  5. Ministry of Culture