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Copper prices gain as EU debt anxieties subside

By Michael Bellart (Global Times)

08:54, August 08, 2012

Chinese metals futures rose Tuesday in a broadly positive day for the domestic commodities markets as traders and investors held onto their optimism ahead of the release of anticipated economic data scheduled for unveiling Thursday and Friday.

The most traded copper contract on the Shanghai Futures Exchange (SHFE) added 0.23 percent to close at 54,700 yuan ($8,590.24) per ton. The November contract traded within a narrow range Tuesday after opening 0.07 percent above Monday's closing price.

The market maintained its attraction to risk over Monday night after a German government official offered some support for the European Central Bank to buy the sovereign bonds of some of the eurozone's most troubled countries, according to analysts from the Australian bank ANZ.

The official's comments helped ease short term concerns about the health of the currency union as yields on Spanish and Italian government bonds continued to fall. The yield on Spain's 10-year government bonds had fallen to 6.68 percent by the time the mainland markets closed Tuesday, down from 7.16 percent at the end of Friday.

The EU's financial woes have been one of the greatest obstacles for the global economy and have weighed heavily on the price of copper.

The three-month copper contract on the London Metal Exchange (LME) was trading at $7,460 per ton when the Chinese mainland markets closed Tuesday, down 0.3 percent.

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