China’s commodity futures mostly slid on Monday, crude oil tumbled nearly 7%
China’s commodity futures mostly slid on Monday, crude oil tumbled nearly 7%

China’s commodity futures mostly slid on Monday, crude oil tumbled nearly 7%

 

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China’s commodity futures mostly slid on Monday. The most-traded crude oil futures contract on the Shanghai International Energy Exchange, for November delivery, tumbled by nearly 7% to close at 610 yuan per barrel, while the most-traded fuel oil futures contract on Shanghai Futures Exchange, for January 2023 delivery, dived 7.3% to close at 2,631 yuan per tonne.

In the international market, crude oil price plunged to eight-month lows last week weighed down by a surging US dollar and fears sharp interest rate hikes globally would spark a recession and hit fuel demand.

The most active palm oil futures contract on the Dalian Commodity Exchange, for January delivery, plunged by 6.3% to end at 7,298 yuan per tonne, the lowest level since June 2021 and the January soy oil futures contract in Dalian dived 3.7% to hit 8,808 yuan per tonne.

The most active contracts on PTA tumbled 5.5% to 5,302 yuan per tonne, nickel down 3.7% to 187,500 yuan per tonner, international copper down 3.64% to 53,480 yuan per tonne, aluminium down 3.5% to 4,364 yuan per tonne.

shanghai crude oil