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Local copper prices follow LME losses

By Michael Bellart (Global Times)

09:06, July 10, 2012

Domestic copper futures fell Monday as unexpectedly low inflation figures for June weren't enough to offset the sell-off on international markets late Friday.

Chinese base metals fell across the board, with the most traded copper contract on the Shanghai Futures Exchange (SHFE) falling 0.97 percent to close at 55,180 yuan ($8,659.42) per ton.

The contract took its entire loss at opening, chasing the drop in copper futures on the London Metal Exchange (LME). The three-month LME copper contract fell more than 2 percent Friday to close at $7,527.50 per ton, erasing its gains for the week.

The contract was trading at $7,540 per ton when the Chinese mainland markets closed Monday, up about 0.2 percent for the day.

Copper prices were buoyed by China's surprisingly low inflation in June. The consumer price index (CPI) rose at an annual rate of 2.2 percent last month, down considerably from May's increase of 3 percent.

"Better-than-expected China inflation numbers supported sentiment, although technicals have had a greater effect on prices lately as investors continue to trade within safe, narrow ranges," CIFCO Futures analyst Zhou Jie told Reuters Monday.

SHFE base metals continue to be dogged by concerns about eurozone debt and the slowing global economy.

SHFE aluminum for October delivery fell 0.45 percent to 15,535 yuan per ton Monday. October zinc fell 0.31 percent to close at 14,695 yuan per ton, and October lead lost 0.6 percent to finish at 14,840 yuan per ton.

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