China shares rise on commodity gains

SHANGHAI: Chinese shares rose for a third day Wednesday as stronger commodity prices pushed up shares of steel and coal companies following Wall Street gains overnight.

The benchmark Shanghai Composite Index edged up 5.4 points, or 0.2 percent, to close at 2,223.73. The Shenzhen Composite Index for China's smaller second exchange added 1.1 percent to 737.43.

Analysts said rising commodities prices boosted some companies.

"Investors were cautious earlier, because there seemed to be nothing to speculate on. But commodities certainly have became a new topic right now, which has spilled over to share prices," said Zhai Peng, an analyst for Guotai Junan Securities in Shanghai.

Jiangxi Copper Ltd., China's second-largest metal producer, soared 5.5 percent to 19.72 yuan and Aluminum Corp. of China, or Chinalco, rose 2 percent to 10.04 yuan.

Steelmakers rose for another day following a rally on new regulators approved trading in steel futures. Beijing Shougang Ltd. gained 1.5 percent to 3.96 yuan, and Wuhan Iron and Steel Co. climbed 3.8 percent to 6.51 yuan.

Coal miners jumped again as the crude price increased to above $48 per barrel. Anhui Hengyuan Coal industry Co. vaulted 4.9 percent to 19.2 yuan, and Datong Coal Industry Co. advanced 3.9 percent to 16.05 yuan.

In currency markets, the yuan strengthened to 6.8348 to the dollar, up from Tuesday's close of 6.83763.

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