China Commodities Market Roundup – July 14
BEIJING, July 14 (Xinhua) – China's commodity futures maintained weak on Monday with edible oil and precious metals falling more than 1 percent.
Copper futures traded on the Shanghai Futures Exchange (SHFE) settled lower on Monday, tracking the three-month copper on the London Metal Exchange (LME).
TheShanghaibenchmark copper contract for September delivery closed 0.20 percent lower at 50,670 yuan/metric ton (tonne).
By July 11, the SHFE copper stocks increased by about 4 percent week on week to 84,453 tonnes. The current off-season for copper consumption will likely weigh on the prices, said analysts.
Copper traded at the Changjiang Nonferrous Metal Market, a major spot metals market inShanghai, was quoted at 51,350-51,770 yuan/tonne on Monday, down 40 yuan/tonne from the previous trading day.
OtherShanghaibase metals closed higher on Monday with the benchmark aluminum, zinc and lead up 0.15 percent, 0.92 percent and 0.32 percent, respectively.
Meanwhile, agricultural commodities futures traded inChinaended mixed on Monday with soy products and grain rising moderately while edible oil, cotton and sugar slipping back.
Despite a slump of soybean futures on the Chicago Board of Trade Friday, the most active September soy meal contract traded on the Dalian Commodity Exchange (DCE) gained 0.2 percent to close at 3,496 yuan/tonne while the bellwether soybean contract for January delivery ended 0.51 percent higher at 4,343 yuan/tonne.
The US Department of Agriculture July World Agricultural Supply and Demand Estimates Report (WASDE) raised 2014-2015 US soybean production to a record large 3,800 million bushels, and also put 2014-2015 world soybean end stocks at record large 85.31 million tonnes, up 2.4 million tonnes from last month.
The bearish report dragged downUSsoybean and is likely to weigh on DCE soy products in the following period.
DCE edible oil continued to fall with the September palm oil shedding 1.72 percent to close at 5,604 yuan/tonne and the most active soy oil contract ending 1.26 percent lower at 6,292 yuan/tonne.
Sugar futures traded on the Zhengzhou Commodity Exchange (ZCE) declined slightly affected by high inventories and tepid demand. The most active January sugar contract ended 0.21 percent lower at 4,798 yuan/tonne.
ZCE cotton contract for delivery in January 2015 inched down 0.14 percent to close at 14,230 yuan/tonne. The national cotton price index CCIndex 3128B, which indicates the average price of standard lint inChina, stood at 17,270 yuan/tonne, down 3 yuan/tonne from the previous trading day. (Contributed by Liu Xiaoyun, firstname.lastname@example.org, Hu Pingchao, email@example.com)