By Michael Bellart (
Global Times)
10:50, September 10, 2012
Chinese base and precious metals are poised to rise Monday after international gold and copper prices soared Friday despite lackluster US jobs data and an uptick in domestic inflation.
The benchmark three-month copper contract on the London Metal Exchange (LME) surged 3.5 percent Friday to $7,982 per ton.
The leap followed the European Central Bank's (ECB) announcement late Thursday of an open-ended government bond buying program meant to restore faith in debt-ridden EU members.
The most traded copper contract on the Shanghai Future Exchange rose 0.76 percent Friday to 56,650 yuan ($8,930.12) per ton, leaving it with a lot of room to catch up with the LME's gains after the Chinese mainland markets closed.
SHFE gold was set up for even bigger gains Monday after losing 0.85 percent Friday as US gold futures ended up jumping more than 2 percent. The December Comex gold contract finished Friday at $1,740.50 per ounce, its highest level since February.
Despite the increases on international markets, the latest domestic inflation figures could take some of the momentum away from Chinese metals prices. China's consumer price index (CPI) rose at an annual rate of 2 percent in August, up from 1.8 percent in July, with a 3.4 percent rise in food prices, according to the Australian bank ANZ.
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