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SHFE copper steady ahead of ESM verdict

By Michael Bellart (Global Times)

08:52, September 13, 2012

Domestic commodity futures closed flat Wednesday before the Germany's Constitutional Court gave its blessing to the rescue fund that aims to provide financial assistance to troubled EU states.

The ruling removed a major obstacle to the launch of the European Stability Mechanism (ESM), a much-trumpeted tool designed to get a handle on the EU's ongoing debt crisis, a major source of the uncertainty roiling the global financial markets.

The most traded copper contract on the Shanghai Futures Exchange (SHFE) crept down 0.12 percent to close at 58,290 yuan ($9,211.60) per ton. The December contract opened 0.1 percent below Tuesday's closing price, and traded in a tight range throughout the session.

The German court released its decision after the Chinese mainland markets closed. On the London Metal Exchange (LME), the three-month copper contract jumped 0.6 percent in the first two hours after the court announced the decision. The LME contract had been flat on the day when the mainland markets closed, down 0.1 percent at $8,077.80 per ton.

Copper prices are especially sensitive to macroeconomic issues as the metal is widely considered a bellwether for global economic growth.

Other SHFE base metals also traded close to even Wednesday. The most traded zinc contract moved the most, rising 0.75 percent to close at 15,500 yuan per ton. The December aluminum contract added 0.16 percent to 15,795 yuan per ton.

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