China futures in holding pattern as global economy concerns persist

By Michael Bellart in Shanghai Source:Global Times Published: 2011-10-11 22:58:50

China's commodity futures were steady on Tuesday after international prices crested over Monday night.

The most active copper contract on the Shanghai Futures Exchange (SHFE), for December delivery, rose 0.3 percent on Tuesday to settle at 55,000 yuan ($8,646.55) per ton.

SHFE copper opened 1.7 percent higher after three-month copper on the London Metal Exchange (LME) finished Monday up more than 2 percent.

However, both contracts gave back their gains in Asian trading as concerns about European debt continued to hold down prices. LME copper was down 1.9 percent at $7,335 per ton when the SHFE closed on Tuesday.

Other SHFE base metals performed slightly better than copper, with the most active aluminum contract rising 0.4 percent to settle at $16,740 per ton. November lead added 0.5 percent to settle at 14,845 yuan per ton and December zinc gained 0.6 percent to settle at 15,255 yuan per ton.

Crude oil prices followed the same trend as copper, rising over Monday night then pulling back on Tuesday. Nymex West Texas Intermediate crude oil rose nearly 3 percent Monday, but had given back 0.6 percent by the time Chinese markets closed on Tuesday.

Gold managed to maintain Monday's gains.

The most active SHFE gold contract, for December delivery, rose 1.5 percent on Tuesday to settle at 346.92 yuan per gram.

Comex gold for December gained 2.1 percent Monday and added another 0.3 percent on Tuesday in Asian trading.



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