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Chinese Market Close Higher on Copper Woes

Chinese and Hong Kong stocks closed higher on Monday after natural resources cmopanies were boosted by a jump in copper prices following Chile’s earthquake. Chile is currently the world’s largest producer of the metal.

Hong Kong’s Hang Seng index gained 2.17%, or 448.23 points, to close at 21,056.93. Meanwhile, Chinese stocks rose 1.18% on the Shanghai Composite, which ended up 35.90 points at 3,087.84. Trading volumes were heavy on both exchanges.

In recent trading, May copper futures were up about 8 cents, over 2%, at $3.36 a pound on the Comex division of the New York Mercantile Exchange. The commodity reached as high as $3.48, its strongest point since January, in electronic trading over the weekend after the 8.8 magnitude quake struck Chile.

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