China Commodities Market Roundup-Jan. 25
SHENYANG, Jan 25, 2013 (Xinhua via COMTEX) --
China's domestic commodities
declined slightly this week, as trade was limited ahead of the Spring
Festival holidays, and the positive HSBC flash PMI for China's
manufacturing sector provided little support for the markets as well.
PTA futures led the way higher on Friday, and metals rebounded
across the board, while agriculture markets were mixed.
Wenhua CCI index, which tracks the major domestic commodities
futures market prices and overall performance, closed at 178.92
points, rising 0.2 percent Friday and dropping 0.27 percent on the
The LME copper steadied above 8,000 USD this week after solid
economic data from China and the U.S. boosted faith in a global
The SHFE copper futures inched up this week, and the May contract
earlier hit 58,970 yuan per tonne on Friday, its highest in three
months. It closed 0.41 percent up, rising 0.41 percent for the week.
Copper prices have risen five weeks in a row.
The U.S. NYMEX crude futures eased off highs this week. Crude
futures were on track for a seventh straight week of gains as
positive economic data from the U.S. and China lifted the fuel demand
outlook at the world's two largest oil consumers.
The SHFE rubber May contract pulled back from a two-week high
Wednesday and extended losses Thursday, and slid 0.64 percent on
Friday. The contract found support around 25,000 yuan per tonne. The
rubber futures have been weak since the start of January as large
stockpiles of rubber in key producing countries led to investor
Soybean futures on the CBOT surrendered early gains this week on
forecasts of beneficial rains in South America. However, the market
is on track for a third successive week of gains, underpinned by
strong Chinese demand and prolonged dryness in Argentina.
Domestic agricultural products were weak this week. The DCE Soy
meal gave up early gains, mirroring CBOT's move, with the May
contract falling from a one-month high, breaking the support level of
3,400 yuan per tonne. It closed up 0.21 percent for the week, gaining
for the third week.
The DCE soybeans steadied in choppy trade but remained above
earlier range. The May soybeans contract ended up 0.31 percent. For
the week, it added 0.33 percent.
"Manufacturing in top metals consumers, China as well as the
U.S., grew this month at the fastest pace in the past two years,
while data suggesting German growth picked up boosted hopes for a
swifter euro zone recovery," said Xu Enze, an economist with Jinpeng
"Investors will keep focus on the impact of a recovery in global
economy on commodities. The world economy may be gaining traction
after a sluggish 2012. The U.S. Federal Reserve will hold its policy
meeting next week," Xu added. (Contributed by Li Ang; Edited by Jiang
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