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Futures contracts for key commodities were tumbling in China on Wednesday, with iron ore down as much as 4.6 per cent following a disappointing round of readings from closely-watched growth gauges on Tuesday.
The futures contract for one tonne of the key steelmaking ingredient was down 4.1 per cent on the Dalian Commodity Exchange at Rmb446.5 ($67.30). That for a tonne of coking coal, used in steelmaking, was down 2 per cent at Rmb1,186.
On the Zhengzhou Commodity Exchange the price for one tonne of thermal coal was 0.8 per cent lower at Rmb638.4, while the cost of five tonnes of cotton dropped 1 per cent to Rmb15,055. Steel rebar contracts on the Shanghai Futures Exchange had dropped 1.3 per cent to Rmb3,860 per ten metric tonnes.
The latest drops compound falls seen on Tuesday after official figures for growth in fixed-asset investment, retail growth and industrial production in China all came in below expectations, signalling a shaky start to the fourth quarter for the country’s economy.