Jiangxi Copper Slides

Copper stocks fell after the futures price of the metal dropped to a one-week low in New York on June 22. Copper futures for September delivery fell 0.6 percent to $3.3835 a pound in New York, the lowest closing price since June 13.

Jiangxi Copper Co., China's second-biggest producer of the metal, fell 1.66 yuan, or 6.1 percent, to 25.49. Yunnan Copper Industry Co., the third largest, retreated 3.47 yuan, or 9.4 percent, to 33.40.

The Shanghai Composite Index, which tracks the bigger of China's stock exchanges, lost 3.7 percent to 3941.08. The Shenzhen Composite Index, which covers the smaller one, fell 5.1 percent to 1127.37.

Elsewhere, China Petroleum & Chemical Corp., Asia's biggest oil refiner, dropped 0.82 yuan, or 5.7 percent, to 13.47 after the company said Chairman Chen Tonghai has resigned for "personal reasons."

Chen, 58, was taken from his office on June 22 to assist in an investigation and quit because of "economic problems," Beijing Business Today said today, citing an unidentified industry person. Chen stepped down amid speculation he is under investigation for "economic irregularities," Hong Kong's South China Morning Post said June 23, citing unidentified people.

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