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English>>China Business

Policy hopes keep SHFE copper afloat

By Michael Bellart  (Global Times)

08:49, July 31, 2012

Copper futures steadied Monday after last week's rally as the market held on to its desire for risky assets on expectations that several key central banks may ease monetary policy.

The most traded copper contract on the Shanghai Futures Exchange (SHFE) added 0.11 percent Monday to close at 54,830 yuan ($8,593.77) per ton.

The November contract opened in line with changes in its counterpart on the London Metal Exchange (LME) over the weekend. The SHFE contract rose 0.44 percent at opening, then dipped in the afternoon.

"The risk-on theme continues today in Asian markets with markets trading on the expectation of positive responses from the European Central Bank (ECB) and other policy makers," according to a note from the Australian bank ANZ.

The ECB, the US Federal Reserve and Bank of England each have policy meetings scheduled for this week. ANZ said that financial markets have also risen on expectations of new stimulus measures, so they could reverse course if the central banks fail to come through or if next week's US employment data comes in weaker than expected.

In other commodities, domestic soybean futures jumped as a drought-driven rally in the grains sector bled into oil seeds.

The most traded soybean contract on the Dalian Commodity Exchange leapt 2.06 percent Monday to close at 4,700 yuan per ton. The most active soybean meal contract in Dalian rose 2.67 percent.

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