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Futures gain on easing hopes

By Michael Bellart (Global Times)

08:22, July 05, 2012

The commodity futures market quieted down Wednesday with the market pushing higher, though copper lost some of its momentum.

The most traded copper contract on the Shanghai Futures Exchange (SHFE) slipped 0.23 percent to close at 55,970 yuan ($8,813.20) per ton. The contract clung close to even throughout the day after opening down a sliver of a percent.

Most key contracts outside of the Chinese mainland rose overnight as the market held onto hopes that central banks in China, the EU and the US would soon relax monetary policy to bolster their struggling economies, according to the commodity analysts from the Australian bank ANZ. "Market participants continued to buy into the policy easing rumors, but it was generally a quiet session otherwise," they said in a research note Wednesday.

Trading desks reported lighter volumes Wednesday due to the Independence Day holiday in the US.

The exception was crude oil prices. West Texas Intermediate crude oil for August delivery surged 4.1 percent to $87.75 per barrel over Tuesday night. Like other commodities, crude rose on stimulus hopes, but news that Iran had successfully launched mid-range missiles ignited supply concerns.

However, the contract trimmed some of its gains Wednesday, falling 0.8 percent while the mainland markets were open.

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