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Inflation concerns hit futures

(China Daily/Agencies)
Updated: 2008-08-12 09:18

Dealers at the Shanghai Futures Exchange on the file photo taken on August 11, 2008. Copper in Shanghai slumped to the lowest in nearly eight months as the country's benchmark stock index fell on inflation and growth concerns. [China Daily]

Copper in Shanghai slumped to the lowest in nearly eight months as the country's benchmark stock index fell on inflation and growth concerns, raising speculation that demand may slow.

Futures declined as China's CSI 300 Index, which tracks yuan-denominated A shares listed on the country's two exchanges, plunged to an 18-month low as producer prices rose.

"The sharp fall in equities definitely has an impact on market sentiment," Li Junchao, an analyst at Shenyin Wanguo Futures Co in Shanghai, said. "Recent Chinese economic data has also pointed to slower growth and thus demand for metals."

October-delivery copper lost as much as 2,030 yuan ($296), or 3.4 percent, to 56,940 yuan a metric ton on the Shanghai Futures Exchange, just 40 yuan shy of the exchange-imposed lower daily limit. This is the lowest for a most-active contract since Dec 20. The contract closed at 57,230 yuan.

Copper for delivery in three months fell 0.3 percent to $7,375.5 a ton on the London Metal Exchange (LME) at 4:07 pm Singapore time, extending the 3.5 percent decline on Aug 8.

China, the world's largest copper consumer, imported 186,136 tons of copper and the metal's products in July, down 10 percent from last year, the country's Customs office said yesterday, citing preliminary data.

Zinc prices in Shanghai were also dragged to a record low by demand concerns. Zinc for October delivery on the Shanghai Futures Exchange dropped by 580 yuan, or the 4 percent daily limit from the previous settlement price, to 13,820 yuan a ton. That was the lowest for a most-active contract since the exchange started trading zinc futures in April 2007. The contract closed at 13,825 yuan.

Zinc for delivery in three months on the LME was little changed at $1,683.75 a ton at 4:08 pm in Singapore, after slipping 3.4 percent Aug 8.

The slump in metals prices triggered a tumble in related equities. Aluminum Corp of China Ltd, China's largest aluminum producer, Jiangxi Copper Co and Yunnan Copper Industry Co, China's second and third-biggest producers, fell by the 10 percent daily limit.

Tongling Nonferrous Metals Group Co, Huludao Zinc Industry Co and Yunnan Aluminum Co also dropped by the 10 percent limit on the Shenzhen Stock Exchange yesterday.

Among other LME-traded metals, aluminum was unchanged at $2,850 a ton, lead slipped 3 percent to $1,915, nickel fell 2.5 percent to $17,700, and tin dropped 2.1 percent to $18,600 as of 3:32 pm in Singapore.