China’s live hog futures fell to a weekly low on Friday, erasing some gains made earlier in the week, as ample pork supplies weighed on prices.
Live hog futures on the Dalian Commodity Exchange were down 3.5% at 18,595 yuan ($2,869.02) per tonne at the close of Friday’s afternoon trading session.
The futures contract, which launched in January this year, has shed a third of its value since May tracking weak live hog spot prices and as large volumes of heavy pigs were being sent to slaughter.
Hog prices in China, the world’s top pork consumer, have dropped more than half since the start of the year as domestic production surged and huge volumes of imported pork reached the market.
