Latest News:  
Beijing   Sunny    29 / 17 ℃  City Forecast

English>>China Business

SHFE copper ends near even, markets await policy support

By Michael Bellart  (Global Times)

13:08, August 21, 2012

Domestic commodity futures were steady Monday after an anticipated policy move by China's central bank failed to materialize over the weekend, leaving the market searching for direction.

The most traded copper contract on the Shanghai Futures Exchange (SHFE) fell 0.05 percent to close at 54,630 yuan ($8,589.25) per ton. The contract crept lower over Monday's session after opening 0.24 percent above Friday's closing price, following a dip on the London Metal Exchange (LME).

The three-month LME copper contract was trading at $7,484.50 per ton, down 0.7 percent when mainland markets closed Monday.

SHFE base metals traded in a narrow range Monday, showing a lack of market direction.

"Base metals prices fell due to a lack of positive news over the weekend - no Chinese bank reserve ratio cut, no fresh policies out of the euro zone, nothing to cheer about," CIFCO Futures analyst Zhou Jie told Reuters.

Precious metals showed a similar pattern with the most active SHFE gold contract tracked its US counterpart. The SHFE December gold contract slipped a fraction of a percent to close at 335.13 yuan per gram, recovering from a deeper opening loss. The Comex gold contract for December delivery rose 0.1 percent Monday before the mainland markets closed.

HSBC and Markit Economics will release their preliminary purchasing managers index for Chinese manufacturing in June later this week, which usually gives traders and investors a better idea about where the market is headed.

News we recommend:
Prices fly for Angry Birds' merchandise Wine imports give Chinese firms a hangover Spirited into the world of e-commerce
E-shopping fuels domestic consumption China's firms bigger but not necessarily better China's beauty industry profits from a makeover
Taxing times for China's tax reformers  Experts divided on yuan’s future [Audio]Soccer in China Part III: The Business Side


Leave your comment0 comments

  1. Name


Selections for you

  1. Officers and men in live-ammunition tactical drill

  2. Heat wave hits Berlin, Germany

  3. Taxing times for China's tax reformers

  4. Shangxiajiu Pedestrian Street in Guangzhou

  5. sexy bikini - on the beach

  6. How to marry a billionaire

Most Popular


  1. U.S.-S. Korea drills harmful to regional stability
  2. Experts divided on yuan's future
  3. Wake-up call for industry
  4. Is Romney trounced, or has more tricks?
  5. Commentary: Meet the new consumers
  6. Medicare row escalates with Romney's VP pick
  7. New UN envoy's appointment last ditch for Syria
  8. Stock markets remain a depressing drag
  9. ASEAN, China should maintain regional stability
  10. Be wary of West powers' attempt on Syria

What's happening in China

Lhasa ranks at top of residents' happiness list

  1. Officers and men in live-ammunition tactical drill
  2. Many workers face extended probation period
  3. Free Qixi Festival events canceled
  4. Three Gorges Dam sees new round of flooding
  5. Amusement parks boost real estate market

China Features

  1. Japan stuck in neighbors' anger
  2. Is China's low-cost era approaching its end?
  3. Chinese firms provided one-stop services in U.S.
  4. Don't store bread and biscuits together
  5. Eat ducks during Chushu (Stopping the heat)

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