(Yicai Global) April 15 -- Chinese commodity trader Grand Industrial Holding has lost about CNY13.80 million in commodity derivative trading amid a turbulent market environment triggered by the worldwide spread of the coronavirus pandemic.

It made market strategy and judgment mistakes because the seriousness of the Covid-19 and its effect on world markets exceeded its expectations, the company said in a statement today.

It did not mention details, but in a separate announcement, the company said that it will record a net first-quarter loss partly due to the unexpected fluctuation of crude oil prices stemming from the dispute between the OPEC and Russia on production quotas.

The company projects a net loss of CNY156 million (USD22.15 million) to CNY169 million during the period, compared to a net profit of CNY24.84 million at the same time last year.

The company recorded CNY169 million in net profit last year.

The firm is involved in the energy, metal and rubber commodity business, as well as that for agricultural products, according to its website.

Grand Industrial shares [SHE:000626] traded 0.43 percent down at CNY6.87 (98 US cents).

Editor: Ben Armour