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Commodities end trading near even

(Global Times)

13:26, October 18, 2012

Domestic commodity futures traded mostly sideways Wednesday despite good US corporate earnings and a cheaper US dollar, which buoyed sentiment across the global financial markets.

The most traded copper contract on the Shanghai Futures Exchange (SHFE) slipped 0.22 percent to close at 58,660 yuan ($9,377) per ton.

The January contract opened just above Tuesday's closing price, benefiting little from the rise in US stocks overnight. The S&P 500 index rose 1 percent Tuesday to close at 1,454.92.

"Shanghai base metals have resisted rising as today's positive news is not that significant. Also, there has been a feeling of uncertainty in China ahead of GDP figures tomorrow and the 18th Communist Party Congress, which made investors more inclined to sell today," a Shanghai-based trader told Reuters Wednesday.

The benchmark three-month copper contract on the London Metal Exchange (LME) was also flat Wednesday. The contract was trading just above par at $8,145 when the Chinese mainland markets closed.

Precious metals performed better. The most traded SHFE gold contract, for December delivery, rose 0.51 percent to close at 354.80 yuan per gram.

The contract benefited from a weaker US dollar, which makes dollar-denominated commodities cheaper for holders of other currencies.

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