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Chinese copper sees marginal setback despite EU stimulus measures

By Michael Bellart (Global Times)

08:04, June 26, 2012

Base metal futures closed down Monday after rebounding from an opening drop following the three-day weekend.

The most traded copper contract on the Shanghai Futures Exchange (SHFE) lost 0.06 percent to close at 54,030 yuan ($8,489.31) per ton. The October contract opened 2.3 percent below Thursday's closing price, reflecting tumbling prices on international markets Thursday and Friday. Markets on the Chinese mainland were closed Friday for a national holiday.

SHFE copper prices recovered early Monday, responding to optimism that European leaders were doing more to address anemic growth throughout much of the continent. The October contract traded just below even for most of the day, before easing slightly before the market closed.

Concerns about the eurozone's ongoing debt crisis lessened after Germany, France, Italy and Spain agreed to create a 130 billion euro ($162 billion) stimulus package to spark growth, Reuters reported.

The benchmark three-month copper contract on the London Metal Exchange (LME) was trading at $7,355 per ton when the domestic markets closed Monday, up 0.2 percent for the day.

Precious metal futures performed worse Monday, catching up to last week's moves on international markets. The most traded SHFE gold contract declined 1.52 percent Monday to close at 325.12 yuan per gram.

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