China's Industrial Products Futures Index hits historic high

0 Comment(s)Print E-mail Xinhua, July 22, 2019
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The China Industrial Products Futures Index (CIFI) beat a record high last week, with its peak reaching 1149.2 points, according to a weekly report from the China Futures Monitoring Center Co. Ltd. Monday.

The index closed at 1148.6 points on July 19, up 2.76 percent compared with a week ago, the report said.

As major economic indicators in the first half showed stable growth in the Chinese economy, capital poured into the market, pushing the futures index up to a record high, said the report.

Major industrial products rebounded, with nickel, a nonferrous metal, surging 13.74 percent in the past week. The precious metal silver followed up with an 8.43-percent rise, while black iron ore increased almost 5 percent.

However, influenced by the drop in crude oil, the chemical product methanol shrank, pulling back 2.19 percent compared with a week ago, according to the report.

Launched in 2014, the CIFI covers major industrial products listed on the Shanghai Futures Exchange, Dalian Commodity Exchange and Zhengzhou Commodity Exchange.

The index includes three sub-indexes of energy and chemicals, steel, and building materials. In 2019, 24 industrial products were included in the index, up from 14 varieties back in 2014.

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