Steel reinforcement-bar futures in Shanghai fell in the first trading session after a week-long holiday, pacing declines in copper on global markets during the past week.
Rebar for delivery in October, the most-active contract by volume, fell by as much as 1.8 percent to 4,198 yuan ($672) a metric ton on the Shanghai Futures Exchange, before trading at 4,200 at 10:40 a.m. local time. The Chinese bourse was closed last week for the Lunar New Year holiday.
“Declines in the base metals, especially in the bellwether copper, during last week, led to bearish sentiment in the rebar market today,” Wang Yaoyao, analyst at Huawen Futures Co., said by phone from Shanghai.
Copper for three-month delivery traded in London fell by 1.1 percent in the week ended Feb. 15. LME zinc for three-month delivery also fell by 1.4 percent in the same period.
Iron ore for immediate delivery was unchanged at $155.10 a ton on Feb. 15, according to a price index compiled by The Steel Index Ltd. The average spot price for rebar was at 3,790 yuan a ton on Feb. 6, according to data from Beijing Antaike Information Development Co.
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