Nonferrous metals lead China futures market on first trading day in 2009

Rebounding global oil prices drove China's commodities to rise on Monday, with copper, zinc and aluminium leading the futures market.

All of the 19 futures categories on China's three commodity exchanges in Shanghai, Dalian and Zhengzhou opened substantially high in the morning of the first trading day of 2009.

Five categories, namely copper, zinc, natural rubber, fuel oil and LLDPE (linear low density polyethylene), closed up by their daily limits.

Copper and zinc prices for March delivery closed nearly 6 percent higher at 24,810 yuan and 10,550 yuan a lot (five tons) respectively.

March Aluminium rose 4.45 percent to 11,960 yuan per lot, despite that China's largest aluminium company reduced its aluminum price from 2,600 yuan a ton to 2,000 yuan a ton on Sunday.

The rebound was triggered by climbing oil and metal prices on international markets. March copper prices rose 5.1 cents to 1.461U.S. dollars a pound on the New York Mercantile Exchange, where light, sweet crude for February delivery rose 1.74 U.S. dollars to46.34 U.S. dollars a barrel.

Grains continued to strengthen on China's futures markets, with Soybean for May delivery climbing 0.59 percent to settle at 341.3 yuan a ton and May wheat up 1.01 percent to 201 yuan a ton.

Sugar for May delivery rose 1.65 percent to settle at 290.2 yuan a ton on Monday, ending a weeklong decline.

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