Latest News:  
Beijing   Sunny    25 / 12 ℃  City Forecast

English>>China Business

SHFE copper falls as Fed meeting looms

By Michael Bellart (Global Times)

08:26, September 14, 2012

Shanghai copper futures slipped Thursday ahead of the highly anticipated meeting of the US Federal Reserve's policy making board later in the day.

The most traded copper contract on the Shanghai Futures Exchange (SHFE) fell 0.33 percent to close at 58,100 yuan ($9,177.14) per ton. The December contract traded within a tight 0.5 percent range after opening slightly above Wednesday's closing price.

The SHFE contract traded in line with the three-month copper contract on the London Metal Exchange (LME) Thursday, which fell 0.1 percent to $8,067 per ton before the Chinese mainland markets closed.

Commodities traders were looking ahead to the Federal Open Market Committee (FOMC) meeting during mainland trading hours Thursday. The market expects the meeting to result in another round of monetary easing from the Fed, also known as quantitative easing, according to the Australian bank ANZ.

Still, there was evidence that the copper market had already priced in another round of quantitative easing.

"Some longs prefer to take profit ahead of the (Fed) meeting since they've already made money on their positions and because there is always a chance that the Fed won't start another round of quantitative easing - even if many people expect it," a Shanghai-based trader with an international firm told Reuters Thursday.

>

News we recommend:
Banks need to transform to boost margins Consumer finance set to boom in China Ailing steel industry cheered by construction projects
Chinese firms ramp up presence in Thailand Chinese go online to buy latest iPhone Chinese winemakers demand anti-dumping
Energy conservation: A new investment opportunity  Summer Davos cultural dinner party held in Tianjin Steel producers face bleak months ahead

Email|Print|Comments(Editor:李倩、厉振羽)

Leave your comment0 comments

  1. Name

  

Selections for you


  1. Chinese Marine Corps conduct amphibious combat training

  2. View the world: Every day is unusual (9/12)

  3. Foreign telecom companies eye China market's growth prospects

  4. Top 10 attractions in Jiangxi, China

  5. Top 10 countries with most holidays

  6. Top 10 world's most expensive dishes

Most Popular

Opinions

  1. Libya fiasco shows sad reality of US policy
  2. Editorial: Davos seeks recovery path
  3. Bad language?
  4. Confrontation will be huge mistake for Japan
  5. New measures over Diaoyu just start

What's happening in China

19 killed after construction lift crashes in C. China

  1. Websites, microblogs closed for fraud, blackmail
  2. Prestigious Tibetan monastery receives facelift
  3. Appeal to halt illegal trash burning
  4. Weather hampers quake-relief efforts
  5. Incentives to boost HK, mainland ties

China Features

  1. North Korea's Kim, wife inspect Exercise Center
  2. A glimpse of Berlin Air Show
  3. The Museum makes dream come true
  4. When can Chinese shed 'Nobel Prize complex'?
  5. Where stands Beijing's first electric lamp?

PD Online Data

  1. Ministry of Water Resources
  2. Ministry of Railways
  3. People's Bank of China
  4. Ministry of Health
  5. Ministry of Culture