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China's shares closed 1 per cent lower yesterday on a bout of profit-taking as investors cashed in blue chips that had racked up recent gains.

The benchmark Shanghai composite index SSEC, grouping hard-currency B shares for foreigners and yuan-denominated A shares, fell to 1,436.663 points.

Baoshan Iron and Steel Co Ltd , the world's fourth-most valuable steel maker, was one of the morning's most active counters as more than 47 million shares changed hands.

It fell 2.28 per cent to 6.87 yuan, hit by profit-taking after soaring about 70 per cent this year on the back of surprisingly firm steel prices, brokers said.

Technical buying among large-caps had led the Shanghai index's rebound of about 10 per cent over the past two weeks, but a consolidation kicked in on Friday.

"There was concerted profit-taking, especially after recent gains in blue chips," said analyst Zhang Qi at Haitong Securities.

Yangtze Electric Power Co Ltd , the focus of a market rebound in late November and early December, was another active counter with slightly more than 41 million shares traded.

Shares in the firm which runs the world's largest hydropower project, the Three Gorges Dam, fell 1.47 per cent to 7.36 yuan (88.9 US cents) after making a debut at 6.23 yuan (75.3 US cents) on November 18.

It had recently gained due to concerns over a power crunch in China. Acute power shortages will get worse next year as blackouts strike more areas, and supply is not expected to catch up until 2006, state newspapers quoted a report by the State Grid Corp as saying.

Yangtze's industry peers fared better, with Dalian Thermal Power Co Ltd rising 5.5 per cent to 6.89 yuan (83.3 US cents) and Inner Mongolia Mengdian Huaneng Thermal Power Corp Ltd gaining 4.04 per cent to 5.93 yuan (71.7 US cents).

In the petrochemical sector, Yangzi Petrochemical Co Ltd slipped 1.96 per cent to 9.00 yuan (1.1 US cents).

Yangzi, one of China's top petrochemical producers, said on Friday it expected the output of ethylene - a key plastic - to rise 16 per cent in 2003 versus 2002, due to a regional petrochemical boom and strong Chinese economic growth.

Shanghai copper futures climbed yesterday alongside a rally on the London Metals Exchange (LME), which went some way to restoring confidence in a recently volatile market, traders said.

Shanghai's most active July contract rose 110 yuan (US$13.3) to 21,930 yuan (US$2,650) a ton, while most others edged up between 80 yuan (US$9.7) and 140 yuan (US$16.9). Volume fell to 128,900 lots from Friday's considerable 238,888 lots.

"Market sentiment has improved on the strength of LME's rise," said a Shanghai trader. "The market managed to recover recent steep losses despite the fact that LME was still a bit shaky."

LME three-month copper ended Friday's kerb session at US$2,131 a ton, up from US$2,127 at the end of trade on Thursday, though profit-taking pulled prices off their highs. Despite the slightly disappointing performance, traders said there was still a desire to test higher levels.

Spot copper in Shanghai dropped 200 yuan to move in a range of between 21,110 yuan (US$2,552) and 21,210 yuan (US$2,565) yesterday.

Shanghai's aluminium futures were flat yesterday with most contracts unchanged to 20 yuan (US$2.4) higher. Volume dropped to 8,040 lots, versus Friday's 14,222 lots.

The yuan ended two notches weaker versus the US dollar at 8.2771, remaining near the stronger end of its managed trading range.

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