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SHFE metals get a nudge from stock gains

By Michael Bellart  (Global Times)

08:23, June 14, 2012

A stock market rally buoyed metal futures Wednesday despite the ongoing trouble in Europe.

The most active copper contract on the Shanghai Futures Exchange (SHFE) rose 0.61 percent to close at 54,070 yuan ($8,488.12) per ton. The contract traded within a narrow range Wednesday after opening 0.41 percent over Tuesday's closing price, more subdued than its counterpart on the London Metal Exchange (LME).

The three-month LME copper contract rose nearly 0.9 percent after the domestic markets closed Tuesday. The contract was trading at $7,421.80 per ton as of 3 pm Beijing time Wednesday, up 0.3 percent for the day.

"Gains on the Chinese stock markets spurred copper futures higher," said Jia Zheng, a base metals analyst with Shanghai East Asia Futures.

The Shanghai Composite Index rose 1.27 percent Wednesday. The three major US stock indices also rose by more than 1 percent overnight, with the S&P 500 up 1.17 percent.

Although the broader commodities market was mixed, the most traded SHFE metals contracts all posted gains, with gold rising 1.3 percent, silver up 1.57 percent and steel rebar up 0.05 percent.

Still, concerns about the eurozone kept gains in check. Spanish and Italian bond yields jumped again Tuesday.

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