China’s commodities futures tumbled across the board on Friday, nickel closed down 11.8%, iron ore down 10%

 

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China’s commodities tumbled across the board on Friday. The most-traded nickel futures contract on the Shanghai Futures Exchange, for August delivery, slumped by 11.85% to close at 143,430 yuan per tonne, the lowest level since December 2021.

The most-traded iron ore futures contract on the Dalian Commodity Exchange, for September delivery, tumbled by more than 10% to hit 641.5 yuan per tonne before closing at 645 yuan per tonne, the lowest level since December 2021.

The September contracts of coke and coking coal on the Dalian bourse tumbled by 7.3% and 5.7% to close at 2,543 yuan per tonne and 1,964 yuan per tonne.

In addition, steel products also plummeted. The most-traded steel rebar futures contract on the Shanghai Futures Exchange, for October delivery, tumbled 7.2% to close at 3,589 yuan per tonne, hot-rolled coil down 7.3% to 3,576 yuan per tonne and wire rod down 6.4% to 4,086 yuan per tonne.