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SHFE copper keeps pace with LME upswing

By Michael Bellart  (Global Times)

08:33, August 22, 2012

It was another steady day in the commodities markets as most major contracts rose slightly, even as the market continued to search for direction.

The most traded copper contract on the Shanghai Futures Exchange (SHFE) increased 0.44 percent to close at 54,870 yuan ($8,630.40) per ton. The contract maintained an upward trajectory for most of the session after opening 0.24 percent above Monday's closing price.

SHFE copper rose after the three-month copper contract on the London Metal Exchange (LME) rebounded from a 0.4 percent drop after the Chinese mainland markets closed Monday.

"Copper is especially sensitive to China and disappointment that the country failed to act over the weekend to stimulate the economy cooled investor ardor," commodities analysts from the Australian bank ANZ wrote.

Still, investor appetite for risk carried the day Tuesday. LME copper was trading at $7,499.20 per ton when the Chinese mainland markets closed, up 0.66 percent.

The SHFE December gold contract added 0.35 percent to close at 335.13 yuan per gram. The contract crept higher over Tuesday's session, closely tracking its international counterpart on Comex, which had risen 0.1 percent by the time the domestic markets closed.

The May soybean contract on the Dalian Commodity Exchange rose 1.65 percent to end at 4,804 yuan per ton.

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