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Chinese manufacturing profits squeezed by commodity prices

China’s industrial firms are doing much better this year than in 2020, but the improvement in profits is patchy, with miners and raw material providers benefiting from higher commodity prices at the expense of manufacturers. 

In the first 11 months of the year, industrial profits climbed 38% from a year earlier, the National Bureau of Statistics said Monday. 

On a monthly basis, though, profit growth decelerated to 9% in November from a year earlier. That was the slowest pace of increase since May as some manufacturers saw their margins squeezed by higher input costs.