Latest News:  
Beijing   Sunny    24 / 12 ℃  City Forecast

English>>China Business

Copper, gold prices hold steady as Spanish concerns resurface

By Michael Bellart  (Global Times)

08:32, September 28, 2012

Domestic commodity futures were mixed Thursday with steel rebar up and soybean derivatives down, though most commodities traded near even.

The most traded copper contract on the Shanghai Futures Exchange (SHFE) slipped 0.14 percent to close at 59,070 yuan ($9,370) per ton. The contract opened 0.27 percent below Wednesday's closing price, following a larger drop in the benchmark three-month copper contract on the London Metal Exchange (LME) after the Chinese mainland markets closed.

The LME copper contract had recovered a little Thursday, trading up 0.3 percent at $8,168 per ton when mainland markets closed Wednesday.

The most traded gold contract on the Shanghai Futures Exchange (SHFE) shed 0.15 percent to close at 360.31 yuan per gram Thursday. SHFE gold stayed in line with its counterpart on Comex overnight with both losing about 0.5 percent.

The December Comex contract was trading about 0.4 percent higher at $1,760.40 per ounce when the mainland market's closed Thursday.

The commodity market's appetite for risk recovered slightly Thursday as "stimulus fever" wore off and traders focused on China and Europe, according the Australian bank ANZ.

"European equities fell sharply, while US equities declined to a lesser degree. A spate of negative headlines on the Spanish economy and Europe more broadly dampened sentiment," ANZ commodity analysts wrote Thursday.

SHFE steel rebar was one of the market's bright spots. The January contract rose 1.16 percent to 3,568 yuan per ton. Meanwhile, the January soybean oil contract on the Dalian Commodity Exchange fell 1.24 percent to 9,232 yuan per ton.

News we recommend:
Toll fee exemption boosts auto rentals GDP may slow for 9th quarter China-ASEAN Expo increases trade volume
Chinese firms ramp up presence in Thailand Chinese go online to buy latest iPhone Chinese winemakers demand anti-dumping
Logistics co-op needed in China, ASEAN  Global yuan use increases Steel producers face bleak months ahead

Email|Print|Comments(Editor:厉振羽、张洪宇)

Leave your comment0 comments

  1. Name

  

Selections for you


  1. Amazing military photos: China's J-10 fighters

  2. North Korea's 'iPad' revealed

  3. New Deal to Boost Consumption

  4. Starbucks in Lingyin Temple triggers criticism

  5. Zhang Ziyi covers OK Jingcai magazine

  6. Spectacular scenery of dusk around world

Most Popular

Opinions

  1. Be vigilant against resurgence of militarism in Japan
  2. Easy times gone for foreign firms in China
  3. Noda gov't in hot water as LDP eyes comeback
  4. White paper makes watertight case for Diaoyu claim
  5. Intl firms should learn from Chinese counterparts
  6. Aircraft carrier brings timely morale boost
  7. Palestine faces difficulties amid Arab upheaval
  8. Theft of Diaoyu Islands risks China-Japan trade ties
  9. Japan defies post-war int'l order, China's goodwill
  10. Tokyo's stance on Diaoyu Islands 'unacceptable'

What's happening in China

Unknown object found in Uni-President milk tea

  1. Officials post their financial information online
  2. Views divided on bid to revise pension system
  3. New high-speed railway spurs debate over prices
  4. Chinese gov't units test-drive green autos
  5. Five detained after fatal Gansu mine accident

China Features

  1. Culture invasion? Starbucks kisses Buddha
  2. Public should enjoy more 'tourism benefits'
  3. Ancient villages face losing their souls
  4. Economic circles key to Sino-Japan relations
  5. How to pan for gold in cultural investment fever

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