The price of iron ore in Dalian led a charge lower by China commodities on Thursday as short-term borrowing costs on the mainland continued to rise, the Financial Times reports. Iron ore futures were down as much as 8% on the Dalian Commodity Exchange at Rmb485 ($70.33) per tonne. Copper contracts on the Shanghai Futures Exchange were down 2.9% at Rmb45,360 per tonne, but had been down as much as 3.6%. Coking coal futures in Dalian were down 6.7% at Rmb1,039 per tonne, and had been off by as much as 7.9%. Thermal coal contracts on the Zhengzhou Commodity Exchange dropped 2.6 % to Rmb513 per tonne. Gold was faring badly despite its haven status, as futures fell 1.4% to Rmb276.45 per gram. Those falls came as the Shanghai interbank overnight rate, reflecting short-term borrowing costs in China, rose further from recent record levels to 2.8506%, notching another newest high since April 3, 2015.
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