With global commodities prices pushed down, Chinese futures houses trading overseas, 25 of them in all, were told by the China Securities Regulatory Commission to watch their step and limit speculation on risky bets like copper futures. The traders are licking their chops, hoping to profit from the price difference between Shanghai and London. Speaking of warning bells in Shanghai, the Shanghai Composite Index (SCI) is creeping toward a new low. It sank 4.3% on Thursday to close at 1,909.94, now only 100 points clear of the 22-month low it reached on September 18. Problem is, Beijing axed the stamp duty when things bottomed out last month, and now the puppeteers will need something else if they want to shore things up. One option may be an economic stimulus package, which was hinted at on Hong Kong TV by the head of China’s central bank. Zhou Xiaochuan said though he believes investment and consumption in China have been resilient, the government may need to “increase domestic demand further.” China’s property developers could surely use some of that demand. Sales volumes and prices have dipped this year and developers are skittish about starting new projects. In Beijing and Shanghai, land auctions for new developments have not been so successful; it seems no one is bidding. Shanghai’s municipal government withdrew three sites from auction when no one raised the paddle. In Beijing, three out of 10 sites put on the block only received one bid each.