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Domestic commodities finish near even

(Global Times)

08:25, October 10, 2012

Domestic commodities futures were little changed Tuesday in Asian trading following a quiet evening as the US markets were closed for a public holiday.

The most traded copper contract on the Shanghai Futures Exchange (SHFE) added 0.51 percent to close at 59,230 yuan ($9,416) per ton. The January contract crept higher after opening 0.2 percent above Monday's closing price.

The contract tracked changes in the three-month contract on the London Metal Exchange (LME), both overnight and Tuesday. The LME contract was trading up 0.3 percent at $8,208 per ton when the Chinese mainland markets closed Tuesday.

The most active soybean contract on the Dalian Commodity Exchange added 0.5 percent to 4,765 yuan per ton, following the gains of its counterpart on the Chicago Board of Trade. The most traded Dalian soybean oil and soybean meal contracts rose 1.43 and 1.6 percent respectively.

Copper and soybeans both benefited from bargain buying after Monday's moderate sell-off, analyst said. "Prices have risen partly because some investors believe copper was oversold yesterday," Andy Du, derivatives director at Orient Futures, told Reuters Tuesday.

The most active SHFE gold contract ticked up 0.12 percent to 361.80 yuan per gram. The January contract slipped lower after opening 0.4 percent higher for the day.

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