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EU wrangling weights on futures

By Michael Bellart (Global Times)

08:09, June 28, 2012

Most commodity futures fell Wednesday as base metal prices caught up with their international counterparts, while the broader market remained weighed down by the ongoing troubles in Europe.

The most traded copper contract on the Shanghai Futures Exchange (SHFE) tacked on 0.22 percent to close at 53,740 yuan ($8,632.59) per ton. The October contract opened 0.13 percent above Tuesday's closing price, in line with the three-month copper contract on the London Metal Exchange (LME) overnight.

"Shanghai base metals are under pressure as their prices have not fallen as much as their London counterparts over the past few weeks," Great Wall Futures analyst Li Rong told Reuters Wednesday.

LME copper was trading at $7,340 per ton when the domestic markets closed Wednesday, down about 0.3 percent in early trading.

In other commodities, Nymex West Texas Intermediate (WTI) fell 0.3 percent to $79.08 per barrel by the time markets closed Wednesday, reflecting the anxiety in the market over Europe.

European Council President Herman Van Rompuy issued a report Tuesday outlining plans for a fiscal and banking union for the eurozone, Reuters reported. The report put forth an idea for a central institution that could issue common bonds for the entire European Union. However, German Chancellor Angela Merkel has maintained staunch opposition to any institution that could issue shared EU debt.


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