China commodities roundup

January 22, 2014
Beijing  (Jan 22)   China's commodity futures almost saw a broad fall on Wednesday led by silver which shed nearly 2 percent.

The earlier strong meal products also retreated significantly. Only natural rubber, glass, coking coal, iron ore, methanol and rice gained slightly.

Copper futures traded on the Shanghai Futures Exchange (SHFE) ended lower on Wednesday, tracking the three-month copper on the London Metal Exchange (LME).

The Shanghai benchmark copper contract for April delivery closed 0.04 percent lower at 51,630 yuan/metric ton (tonne) on Wednesday.

The US dollar remained broadly supported on Wednesday, trading around its highest level since mid November against a basket of currencies. Dollar-denominated commodities appeared costlier to holders of other currencies when the greenback strengthened. The strong dollar weighed on the red metal on Wednesday, said analysts.

Copper traded at the Changjiang Nonferrous Metal Market, a major spot metals market in Shanghai, was quoted at 51,400-51,800 yuan/tonne on Wednesday, unchanged from the previous trading day.

The Shanghai benchmark aluminum closed 0.29 percent lower at 13,770 yuan/tonne, while the zinc ended up 0.53 percent at 15,315 yuan/tonne. The Shanghai flagship lead closed unchanged at 14,040 yuan/tonne on Wednesday.

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