Commodities hold steady after int’l falls

Domestic commodities markets caught their breath on Tuesday after a plunge in international markets and concern over an interest rate hike sent futures plummeting Monday.

Base metals and agricultural commodities were steady on China futures exchanges with the most-active copper contract, for September delivery, rising 0.3 percent to settle at 67,250 yuan ($10,392) per ton on the Shanghai Futures Exchange.

Three-month copper on the London Metal Exchange had fallen to $8,988 per ton, down 0.4 percent, when the SHFE closed on Tuesday.

Cotton continued its plunge even as other commodities stabilized. The most-traded January 2012 contract fell 1.4 percent to settle at 22,390 yuan per ton on the Zhengzhou Commodity Exchange.

Corn in Dalian was among the day’s other biggest losers. The most active contract on the Dalian Commodity Exchange fell 1 percent to settle at 2,310 yuan per ton.

Zinc for September delivery advanced 0.9 percent on the SHFE to settle at 17,400 yuan per ton. September lead and August aluminum each gained 0.3 percent to settle at 16,905 yuan and 17,060 yuan per ton.

Global Times

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