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Subsiding EU debt fears give copper a lift

By Michael Bellart  (Global Times)

13:55, August 23, 2012

Commodities futures maintained their momentum Wednesday after more reports emerged that the European Central Bank (ECB) would start buying the sovereign debt of struggling EU countries, undermining market concerns that have kept the prices of some commodities in check over the last few months.

The most traded copper contract on the Shanghai Futures Exchange (SHFE) rose 0.84 percent to close at 55,330 yuan ($8,709.30) per ton. The contract continued to rise over the session after opening 0.44 percent above Tuesday's closing price.

The SHFE contract followed the nearly 1 percent gain of the three-month copper contract on the London Metal Exchange (LME) overnight.

The increase in copper prices was part of a broader rally of riskier assets, commodities analysts from the Australian bank ANZ said in a note Wednesday.

The analyst team cited a story in the Daily Telegraph that confirmed earlier reports that the ECB is looking into plans to buy Spanish and Italian government bonds to get their yields under control.

Both countries' bonds yields have surpassed sustainable levels at times since the start of the European debt crisis, denting confidence in the eurozone as well as the global financial markets.

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