Prices of over 60 pct staple commodities in China fall in mid-Aug, monitoring
BEIJING, Aug 25, 2013 (Xinhua via COMTEX) --
The majority of commodities in China
saw price decline in the week ending August 23, indicating that the
downstream industries were still unable to absorb persistent rise of
commodity prices and became prudent in procurement, according to a
leading domestic commodity information provider 100ppi.
Of the 58 categories of commodities tracked by 100ppi, 63.79
percent reported a drop in prices last week while the number of
products recording price rises accounted for 18.97 percent of the
total. Its Bulk Price Index (BPI) cumulatively dipped 2 points to
reach 922 points in the week.
"This has been the first time for an obvious fall in commodity
prices since the beginning of July, and the earlier star products
such as iron ore, methanol, copper and natural rubber also tumbled
into negative territory last week," said Liu Xintian, chief analyst
with the information provider. Only coking coal and coke still
maintained the upward trend.
The earlier price rise of commodity prices stimulated an increase
in supply with operating rate and imports of most staple commodities
rising significantly. However, the downstream enterprises turned
prudent in their purchases and strengthened their resistant sentiment
for the price rally.
"Although the traditional peak season for commodity consumption,
usually in the September to October period, is coming, signals for
the demand recovery are limited and commodity prices are set to
correct after robust rises," added Liu.
(Edited by Liu Xiaoyun, firstname.lastname@example.org)
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