Global markets buffet SHFE copper, gold

Chinese futures had a mixed finish for the week as uncertainty in the global financial markets continued to take their toll on domestic commodity prices.

The most traded copper contract on the Shanghai Futures Exchange (SHFE) lost 0.86 percent to close at 56,620 yuan ($9,065) per ton Friday. The contract finished the week down 0.11 percent from the closing price on October 26.

The three-month copper contract on the London Metal Exchange (LME) was trading down 2 percent at $7,665.50 per ton Friday.

The contract had risen almost 1 percent Thursday, according to commodities analysts from the Australian bank ANZ.

SHFE gold saw its meager gains for the week evaporate Friday when the June contract lost 1.16 percent to close at 347.90 yuan per gram. The contract fell 0.84 percent for the week.

On the other side, the most active soybean contract on the Dalian Commodity Exchange eked out a 0.1 percent gain Friday to close at 4,945 yuan per ton, logging a 1.56 percent gain for the week.

Still, soybeans may be in for a fall when the markets open Monday as soybean futures fell 2 percent Friday to settle at $15.270 per bushel on the Chicago Board of Trade. Reuters reported Friday that soybean prices fell on crop estimates that showed harvests were larger than what the US Department of Agriculture had reported.

After the Chinese mainland markets closed Friday, the US government released its monthly non-farm payroll data showing that the US economy added 171,000 new jobs in October, according to the US Bureau of Labor Statistics.

Although the numbers exceeded expectations, they did little to support commodities prices in the US. However, the value of the dollar rose Friday after the release, which will likely push down prices.