Prices for a wide swathe of commodities in China have begun falling in tandem with the country’s stock prices, Bloomberg reported. Nickel and silver fell to their daily limits on the Shanghai Futures Exchange, while rubber entered a bear market and the volume of copper traded was almost six times the three-month average. Prices for steel rebar, iron ore, eggs, sugar and soybean meal dropped to the lowest level allowed by their exchanges. “People are selling everything in sight to get their hands on cash,” said Liu Xu, a trader Guoyun Investment. “Some need to cover their margin calls in the stock market, while others are gripped by fear that the Chinese economy will be affected by this crisis.”
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