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Dismal job data from US sinks commodities prices

By Michael Bellart (Global Times)

08:21, June 05, 2012

Domestic commodity futures took a nose dive Monday as Friday's US jobs report and weakening Chinese economic data hit the Asian markets.

The most traded copper contract on the Shanghai Futures Exchange (SHFE) plunged to a new low for the year, losing 2.87 percent to close at 52,770 yuan ($8,290.52) per ton. The contract fell as low as 52,330 per ton, the deepest trough of the year.

The SHFE September contract took most of its loss when the market opened, falling 2.23 percent from Friday's closing price. The drop reflected the 1.47 percent loss in the corresponding contract on the London Metal Exchange (LME) after the Chinese mainland markets closed Friday.

SHFE copper was also hurt by a weak purchasing managers index (PMI). China's official non-manufacturing PMI fell 0.9 points to 55.2, down for the second straight month, though the reading remained in expansionary territory.

The main driver of the market was the disturbing non-farm payrolls report out of the US, which showed the country added only 69,000 jobs last month, according to the US Bureau of Labor Statistics.

Copper, crude oil and other key commodities continued to fall Monday in the wake of the report. Nymex West Texas Intermediate (WTI) crude oil for July delivery lost another 1.9 percent Monday. It was trading at $81.65 per barrel when the Chinese mainland markets closed. The one exception was US gold which held on to its 4 percent gain from Friday.


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