Latest News:  
Beijing   Thundershower/Overcast    29 / 23 ℃  City Forecast

English>>China Business

Copper prices retreat on EU debt concerns

By Michael Bellart (Global Times)

09:45, August 09, 2012

Chinese commodity prices edged lower Wednesday as the market lost its appetite for risk, causing metal futures to give back overnight gains.

The most traded copper contract on the Shanghai Futures Exchange (SHFE) finished even with Tuesday's closing price of 54,700 yuan ($8,597.38) per ton. The November contract fell over the course of the session after opening up 0.73 percent.

The contract followed the downturn in the benchmark copper contract on the London Metal Exchange (LME) Wednesday. The three-month LME copper contract was trading at $7,515 per ton when the Chinese mainland markets closed, down 1 percent.

Once again, Europe drove the markets for commodities sensitive to the global economy, such as copper. Asian financial markets backpedaled Wednesday on news that Spain would not seek EU financial aid if lenders attached additional conditions to the bailout funds, according to analysts from the Australian bank ANZ.

Some traders might have also cut investments in copper ahead of the release of key economic data Thursday and Friday from China, the world's top consumer of the metal.

"Chinese macroeconomic data will be the main influence on the market for the rest of the week as it seeks to gain some indication of the direction of the Chinese economy," ANZ analysts wrote Wednesday.

Crude oil and copper futures rallied over Tuesday night after the president of the US Federal Reserve Bank of Boston reiterated calls for addition measures to ease monetary policy, Reuters reported.

The president said the US central bank should launch another bond buying program to help the economy recover, according to Reuters.

News we recommend:
Luxury brands continue to cash in on China market Rare earth regulation justified Growth to bounce back in H2
Lamborghini sees 20-30% rise in supercar sales Ad campaigns are competing hard in London Major lenders broaden horizons and flex financial muscles
US takes trade remedy actions against China  Chinese prefer foreign brands Mascot maker feels pinch of rising labor costs


Leave your comment0 comments

  1. Name


Selections for you

  1. Joint trainings held to test combat capability

  2. Volcano erupts on New Zealand's North Island

  3. Has the bear outstayed his welcome?

  4. Puppets battle it out on London stage

  5. Movie---Love is not blind

  6. Collection of funny pictures!

Most Popular


  1. Fearing others' rise offers path to eventual doom
  2. Ocean-lapped Japan wary of China's power
  3. Editorial: Reducing grain loss
  4. Who compels Annan to resign?
  5. How can Japan get rid of sense of frustration?
  6. Review on China's economic situation in first half
  7. Gaza Strip biggest loser of insecurity in Sinai
  8. Editorial: Test for Budget Law
  9. Why U.S. veteran go on shooting rampage?
  10. Officials, you are not above the people

What's happening in China

Old views are changing on overseas education

  1. Typhoon chasers use weibo to help public
  2. Drainage systems struggle to cope
  3. Disabled man compensated for missing train
  4. More mainlanders to tour Taiwan
  5. Swimmers told to avoid jellyfish after tragedy

China Features

  1. Fortune 500 Chinese companies not strong
  2. Why Hollywood favores China's actresses?
  3. Dongfeng Honda to recall 76,000 CR-Vs
  4. How to protect yourself during heavy rainstorms?
  5. Are synthetic drugs toxic?

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