Latest News:  
Beijing   Thundershower/Overcast    28 / 22 ℃  City Forecast

Home>>China Business

Metal prices flat as market awaits Q2 GDP

By Michael Bellart (Global Times)

08:49, July 12, 2012

Chinese base metal futures clung close to even Wednesday as the market searched for direction ahead of the release of the country's second quarter GDP numbers.

The most traded copper contract on the Shanghai Futures Exchange (SHFE) crawled up 0.13 percent to close at 55,150 yuan ($8,679.05) per ton. The contract opened 0.2 percent down from Tuesday's closing price, then eked out a small gain over the session.

The three-month copper contract on the London Metal Exchange (LME) lost about 0.5 percent while the Chinese mainland markets were closed Tuesday. It was trading at $7,512 per ton when the markets closed Wednesday, up about 0.1 percent for the day.

"There has been a lack of trading direction lately ahead of China's GDP data and in view of a sluggish global economy. Many investors are just trying to cash in on short-term trends and this keeps trades within very narrow ranges," an analyst with an international trader told Reuters yesterday.

Copper dipped along with market sentiment late Tuesday when Germany's constitutional court met to rule on the legality of one of Europe's bailout funds, according to a research note from the Australian bank ANZ.

The euro has fallen to its lowest point against the dollar in two years, Reuters reported Wednesday. The US dollar continued to climb Wednesday, another factor that weighed on the prices of copper and other base metals.

Email|Print|Comments(Editor:李倩、厉振羽)

Leave your comment0 comments

  1. Name

  

Selections for you


  1. Japanese, S Korean vehicles most recalled

  2. Childhood on Trash Carts

  3. Splendid views of Mt.Wangmang scenery spot

  4. Five "sins" of Apple (Ⅱ): Ignores copyrighters'appeal

Most Popular

Opinions

  1. Sea spat can draw mainland and Taiwan closer
  2. New regulations a chance to build clean govt
  3. Negotiations on COC in S. China Sea favor peace
  4. Hanoi will feel pain for helping US return
  5. Telecoms industry stifled by capital prohibition
  6. Socialist market economy turning point for China
  7. No large stimulus needed
  8. ASEAN should stick to mediating role
  9. Diaoyu issue needs more than diplomacy
  10. China can help keep peace in growing Africa

What's happening in China

McDonald's, Coca-Cola's Olympic sponsorship questioned

  1. MCD's, Coke's Olympic sponsorship questioned
  2. Farmer battles govt for wood
  3. Guangzhou doctors offer free surgeries
  4. Foreign man stabbed to death in Beijing
  5. TV channel suspended for showing porn

China Features

  1. Why is TCM worth of commendation?
  2. Arabians pay heavy price for Arab Spring
  3. Master of pasted-paper sculpture
  4. China, US hold mixed attitudes toward each other
  5. China does not lack capital: CSRC Chair

PD Online Data

  1. Spring Festival
  2. Chinese ethnic odyssey
  3. Yangge in Shaanxi
  4. Gaoqiao in Northern China
  5. The drum dance in Ansai