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Chinese futures lifted by strong Q4 economic growth

By  Michael Bellart (Global Times)

08:23, January 21, 2013

Chinese commodity futures posted gains last week thanks largely to a better-than-expected domestic economic growth report in the fourth quarter.

The most traded copper contract on the Shanghai Futures Exchange (SHFE), for April delivery, rose 1.11 percent Friday to close the week at 58,380 yuan ($9,388.12) per ton, offsetting losses earlier in the week.

The benchmark three-month copper contract on the London Metal Exchange (LME) added about 0.4 percent Friday to finish last week up 0.6 percent at $8,088 per ton.

The National Bureau of Statistics reported Friday that China's gross domestic product grew 7.9 percent year-on-year in the fourth quarter, up from 7.4 percent in the third quarter.

The most traded SHFE gold contract, for June delivery, added 0.52 percent Friday to close the week up 0.83 percent at 344.28 yuan per gram, or $1,722 per ounce.

The benchmark US gold futures on Comex fell 0.22 percent Friday, but still managed a 1.6 percent gain for the week to end at $1,687 per ounce.

Gold lost traction after congressional Republicans in the US promised to put forward legislation to break the stalemate on their debt ceiling debate with Democrats, Reuters reported. The impasse has underpinned uncertainty about the US economy and aided gold's value as a safe haven investment.

US stocks and crude oil futures rallied on the news. The February Nymex crude oil contract rose 2.1 percent last week to finish at $95.56 per barrel.

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