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Commodities prices sink on EU anxieties

By Michael Bellart  (Global Times)

08:12, June 15, 2012

Domestic commodity futures fell Thursday, though metals and petrochemicals held up better than the broader market as a Spanish government bond auction and the upcoming Greek elections loomed.

The most active copper contract on the Shanghai Futures Exchange (SHFE) tacked on 0.04 percent to close at 54,090 yuan ($8,491.77) per ton. The contract traded higher over the course of the session after opening down 0.46 percent from Wednesday's closing price.

Overnight, international futures markets fell as concerns about the eurozone continued to weigh on sentiment and prices.

"Creeping paralysis ahead of the Greek elections this weekend is keeping many players sidelined," Natalie Robertson, a commodity analyst from the Australian bank ANZ, wrote Thursday.

The benchmark three-month copper contract on the London Metal Exchange (LME) fell 0.74 percent overnight, hurt by another downgrade of Spain's sovereign debt.

The markets remain focused on Spain's downgrade overnight and the upcoming Greek elections, according to a note from ANZ.

The rating agency Moody's Investors Service lowered its rating on Spanish government bonds by three notches Wednesday, Reuters reported.

Three-month LME copper was trading at $7,400 per ton when the markets closed on the Chinese mainland, up 0.33 percent for the day.

The yield on Spain's 10-year government bond hit 7 percent after Chinese markets closed Thursday, hitting the threshold where it is considered too expensive to borrow on the international financial market.

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