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Copper, soybean futures poised to track global gains

By Michael Bellart (Global Times)

08:59, April 23, 2012

Chinese copper and soybean futures are set to rise Monday after their counterparts on international exchanges jumped Friday in post-Asian trading, though a slight increase in Spanish bond yield may limit gains.

The benchmark three-month copper contract on the London Metal Exchange (LME) added 1.51 percent to close at $8,181.80 per ton after the Chinese mainland markets closed Friday.

The increase followed a surprising strengthening in German business sentiment in April, the sixth straight monthly increase, Reuters reported.

The news may help take the market's focus away from concerns about economic stagnation in the eurozone, at least for one day, as Germany's benchmark stock index rallied 1.18 percent. Other major European indices also rose despite an uptick in the closely watched yield on Spain's 10-year government bond. The yield breached 6 percent again Friday, before closing 3.6 basis points higher at 5.96 percent.

The Spanish bond yield, which started rising around April 1, reignited fears about the fiscal health of Europe, which could disrupt the global economy and curtail demand for copper and other base metals.

Copper futures were down in both China and on the LME. The most traded copper contract on the Shanghai Futures Exchange finished last week 0.48 percent lower at 57,750 yuan ($9,154.81) per ton. The LME contract fell 0.86 percent over the same period.

In the US, the benchmark May soybean future on the Chicago Board of Trade (CBOT) jumped 2 percent to $14.466 per bushel after the mainland markets closed Friday. The commodity benefited from a large purchase from China, the world's largest consumer of the oilseed, Reuters reported.

In other commodities news, corn and sugar are expected to fall following drops on international exchanges. IntercontinentialExchange (ICE) sugar for July delivery fell 1.6 percent and CBOT corn for May delivery lost 1.42 percent in post-Asian trading Friday.

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