Jiangxi Copper, JFE Plunge as Credit Losses May Slow Demand

Jiangxi Copper Co., China's second- biggest copper smelter, plunged the most in seven months, leading declines among Asian commodity producers, as the bankruptcy of Lehman Brothers Holdings Inc. deepened concern credit losses will slow the global economy.

Jiangxi Copper fell as much as 14.3 percent, the biggest decline since Jan. 23, to HK$7.63 in Hong Kong trading. The stock traded at HK$7.99 at 11:11 a.m. local time. JFE Holdings Inc., Japan's second-largest steelmaker, dropped 8.1 percent to 3,880 yen on the Tokyo Stock Exchange.

The Reuters/Jefferies CRB Index of 19 commodities erased its gain for the year yesterday as gasoline, oil and copper declined.

Copper for December delivery on the Shanghai Futures Exchange slipped as much as 4.2 percent to 53,350 yuan a ton, the lowest for a most-active contract since November 2007. The contract traded at 53,420 yuan at 11:24 a.m. Singapore time.

Aluminum Corp. of China Ltd., the country's biggest producer of the metal and known as Chalco, fell 8.9 percent to HK$5.02 in Hong Kong trading at 11:16 a.m. local time. Hidili Industry International Development Co., southwestern China's largest maker of coking coal, dropped 12 percent to HK$4.70.

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