Nonferrous Metals Lead China Futures Markets

Chinamining reported that Rebounding global oil prices drove China's commodities to rise on last Monday, with copper, zinc and aluminium leading the futures market.

As per report, all of the 19 futures categories on China's 3 commodity exchanges in Shanghai, Dalian and Zhengzhou opened substantially high in the morning of the first trading day of 2009.

Five categories, namely copper, zinc, natural rubber, fuel oil and LLDPE closed up by their daily limits.

Copper and zinc prices for March delivery closed nearly 6 %higher at CNY 24,810 and CNY 10,550 a lot respectively. March Aluminium rose 4.45 %to CNY 11,960 per lot, despite that China's largest aluminium company reduced its aluminum price from CNY 2,600 a tonnes to CNY 2,000 a tonne on last Sunday.

The rebound was triggered by climbing oil and metal prices on international markets. March copper prices rose 5.1 cents to 1.461 USD a pound on the New York Mercantile Exchange, where light, sweet crude for February delivery rose USD 1.74 to USD 46.34 a barrel.

Grains continued to strengthen on China's futures markets, with Soybean for May delivery climbing 0.59% to settle at CNY 341.3 a tonnes and May wheat up 1.01% to CNY 201 a tonnes. Sugar for May delivery rose 1.65% to settle at CNY 290.2 a tonnes on last Monday, ending a weeklong decline.