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Futures hit by macro anxieties

By Michael Bellart (Global Times)

08:38, October 30, 2012

Domestic commodity futures were a mixed bag Monday as copper, oilseeds and edible oils fell while precious metals posted slight gains.

The most traded copper contract on the Shanghai Futures Exchange (SHFE) lost 0.18 percent to close at 56,580 yuan ($9,064) per ton. The contract opened 0.41 percent above Friday's closing price, but slid over the session as sentiment soured across the financial markets.

Once again, it was concerns about the global economy that turned off investors. "It's the reality of a bad macro-economic backdrop that's weighing on sentiment," Ross Strachan, an analyst at Capital Economics, told Reuters Monday.

The three-month copper contract on the London Metal Exchange (LME) was trading down 0.25 percent at $7,803 per ton when the Chinese mainland markets closed.

Meanwhile, the most traded soybean contract on the Dalian Commodity Exchange lost 1.11 percent to close at 4,815 yuan per ton. The contract opened 0.37 percent above Friday's closing price and continued to fall over the session.

The benchmark soybean contract on the Chicago Board of Trade, for November delivery, had fallen about 1 percent Monday by the time the mainland markets closed.

In Dalian, the most traded soybean meal and soybean oil contracts fell 1.75 percent and 0.97 percent from Friday's closing prices.

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