Metals firms lead rise of Shanghai, Shenzhen indexes

Chinese shares rose on Tuesday, with shares in metals producers leading the way, AP reported. The benchmark Shanghai Composite Index rose 6.99 points, or 0.2%, closing at 3,033.73, while the Shenzhen Composite Index added 0.8% to 1,049.72. Jiangxi Copper, China’s second-biggest metal producer, gained 4.3% to RMB41.15 (US$6.02), and Aluminum Corp of China rose 4.5% to RMB15.1 (US$2.21). In steel, Baoshan Iron and Steel, China’s biggest steel maker, edged up 0.5% to RMB7.54 (US$1.10), while Shougang Steel jumped 2% to RMB13.98 (US$2.04). Agriculture-related shares also rose after China announced an anti-dumping probe into US chicken imports, an action likely to help the domestic industry. Cao Xuefeng, an analyst for Huaxi Securities in Chengdu, said that the gains were the result of increased optimism about the Chinese economy, coming just days after positive figures were reported in investment, retail sales and bank lending for August.