- Commodity prices plunge in Chinese markets to open the week after the government ratcheted up its campaign to hold down surging prices.
- Steel and iron ore futures are down sharply in early trading, with steel rebar and hot-rolled coil -7% on the Shnaghai exchange and the most-traded Dalian iron ore futures -9.5%, while copper and aluminum futures are off by a respective -2% and -4%.
- ETFs: YINN, TDF, GXC, CPER, GSG, SLX, DBB, JJCTF, JJC, DJP, JJU, JJUB
- China’s National Development and Reform Commission warns it will severely punish any monopolies in commodities spot and futures markets, as well as the spreading of fake information, price speculation and hoarding.
- Companies “should not collude with each other to manipulate market prices… hoard goods and drive up prices,” the country’s economic planning agency says, also pledging to monitor the commodity market and strengthen inspections for both futures and spot markets.
- The statement follows last week’s moves by China’s cabinet to strengthen the management of commodity supply and demand to curb “unreasonable” increases in prices.
Mon - Fri 24 Hrs - Daily
Sat-Sunday - Closed