SHFE copper tumbles amid conflicting signals from EU, US

Chinese commodities futures were all over the place Wednesday after a series of mixed economic data emerged overnight.

The most traded copper contract on the Shanghai Futures Exchange (SHFE) fell 0.47 percent from Tuesday's closing price to end at 55,210 yuan ($8,696.18) per ton. The December contract opened slightly above Tuesday's closing price, but took a downward turn in the middle of the day.

Economic data from the EU and US late Tuesday offered no clear signs about the direction of the global economy, which has been the key concern undermining the price of copper, as well as other commodities.

The closely followed Italian and Spanish 10-year government bond yields rose Tuesday, increasing market jitters about the eurozone, after the Spanish province of Catalonia asked for a 5 billion euro ($6.27 billion) bailout.

According to the Australian bank ANZ, the Case-Schiller house price index rose more than the market expected last month, bolstering confidence in the key US housing sector, which has long been one of the primary drags on the US economy. At the same time the US consumer confidence index for August slipped, undermining faith in the economic recovery.