Soybeans lead the way in losses as futures fall

Chinese commodity futures fell broadly again last week as concerns about the European and US economies took a toll on sentiment.

Soybean derivatives were last week's biggest loser, as the most traded soybean meal and soybean oil contracts on the Dalian Commodity Exchange plunged 6.31 percent and 2.83 percent respectively.

The May soybean contract fell 0.67 percent for the week to close at 4,748 yuan ($760.88) per ton.

Soybeans futures fell on news that China, the world's largest buyer of the oilseed, cancelled orders of 600,000 tons of US soybeans, Reuters reported. The China National Grain and Oils Information Center said the deals were cancelled due to a drop in domestic prices that made the imports unprofitable.

Hard commodities fared better for the week. The most traded copper contract on the Shanghai Futures Exchange (SHFE) lost 0.34 percent to finish the week at 55,740 yuan per ton. The benchmark three-month copper contract on the London Metal Exchange added 0.5 percent for the week.

The SHFE aluminum contract outperformed base metals and the rest of the market, gaining 1 percent last week to close at 15,425 yuan per ton. The contract experienced modest gains over most of the week after China's State Reserves Bureau issued a tender offer to buy 160,000 tons of primary aluminum from domestic smelters, according to the commodities analysts at ANZ.