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Mixed US data keeps commodities near even

(Global Times)

16:11, October 12, 2012

Domestic commodity futures were little changed Thursday as the markets were caught between speculations about disappointing US corporate earnings and a slightly brighter picture of the American economy from the US central bank.

The most traded copper contract on the Shanghai Futures Exchange (SHFE) tacked on 0.2 percent to close at 58,980 yuan ($9,391) per ton. The January contract saw a couple of small jumps over the session after opening 0.19 percent below Wednesday's closing price.

The contract suffered along with other commodities as pessimism about US corporate earning swayed the markets, according to analysts from the Australian bank ANZ.

"Commodities continued with a bearish tone in the market, in line with equities. Uncertainty during the US earnings season and ongoing expectations of slowing growth, particularly in Europe, weighed on sentiment," they wrote Thursday.

The release of the US Federal Reserve's Beige book - a report on the US economy - late Wednesday gave market sentiment enough of a boost to keep commodities from falling much farther.

"The Fed Beige book showed the US economy expanded modestly. Mild improvements were seen in the housing market and vehicle sales," ANZ analysts wrote.

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