Major Commodity Contracts Plunge as Demand Wanes

China’s raw material futures slumped across-the-board on Thursday—led by nosedive of black minerals such as iron ore and coking coal—as the market got the jitters.

All future contracts of minerals, metals and agricultural products except ferrosilicon and sugar dropped sharply, reversing a five-month rally.

The most actively traded iron ore and coking coal contracts on the Dalian Commodity Exchange fell 7.48% and 7.4% respectively, approaching the exchange’s daily trading limit. Coke futures hit a downward limit of 8%.