Commodity traders have reason for optimism
A glimmer of light has shined through the gloom hanging over the Shanghai commodity futures market.
Futures contract prices of several key industrial commodities rebounded smartly on expectations that strong signals from the just-concluded annual Central Economic Work Conference can lead to new economic stimulus measures that will create greater demand for basic metals and other industrial materials.
On Shanghai Futures Exchange, the most actively traded fuel oil futures contracts for March delivery yesterday rose 2.4 percent to 2,522 yuan per ton, rising for the third consecutive day. Meanwhile, the most actively traded aluminum contracts for delivery in February edged up 1 percent to 10,840 yuan per ton, although most actively traded copper contracts for the same month dropped 0.2 percent to 25,230 yuan per ton.
