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Futures idle as markets await European bank meetings

By Michael Bellart (Global Times)

08:22, July 06, 2012

Chinese commodity futures inched up yesterday as the global markets remained quiet following Wednesday's holiday in the US and ahead of the central bank meetings in the EU and the UK.

The most traded copper contract on the Shanghai Futures Exchange (SHFE) closed just north of even at 55,980 yuan ($8,806.08) per ton. Other major domestic commodities followed copper's lead, closing near par for the day.

The benchmark three-month copper contract on the London Metal Exchange (LME) was trading at $7,729.50 per ton - up 0.1 percent - when Chinese markets closed.

Other major commodities remained in a holding pattern ahead of the European Central Bank (ECB) and Bank of England (BOE) meetings scheduled for late Thursday. Both institutions were expected to relax monetary policy, according to the Australian bank ANZ.

West Texas Intermediate (WTI) crude oil for August delivery traded steady over Wednesday night. The contract barely moved Thursday, trading at $87.06 per barrel when mainland markets closed. Comex gold for August delivery was trading at $1,616.10 per ounce as of the end of trading, up 0.2 percent for the day.

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