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Futures fall in industrial sectors

06-08-2010 11:47 BJT

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Futures prices plunged significantly on Monday, with industrial future figures in China's three main commodity exchanges dropping close to their daily limits.

Futures prices started to drop on Monday morning. Copper and zinc opened down at their daily limits. Aluminum futures also closed at their low marks. Deformed steel bars, and steel wire futures all fell by more than 3 percent. Major chemicals dropped more than 3 percent, as well, with agriculture products also following the trend. The dominant Contract 1101 plunged nearly 3 percent.

Guan Xiaofeng, analyst, Shanghai CIFCO Futures Company, said, "Greece has been involved in a debt crisis, and now markets face worries that Hungary will follow in its footsteps. Under such circumstances, investor confidence was dampened once again. Therefore the market is experiencing panic falls."

Li Mo, analyst, Orient Securities Futures, said, "As we all know, nobody will try to catch a falling knife with an unprotected hand, so nobody will hold a high position under these circumstances. We predict most investors maintain low positions in June."

According to analysts, most investors have been pessimistic recently, worrying that the market will hit rock bottom in the near future. In addition to the debt crisis in Europe, employment data just released in the US was much lower than market expectations, thus dampening confidence in the economic recovery.

Editor:Zhang Jingya |Source: CCTV.com

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