BEIJING, Dec 27 (Reuters) - Shanghai zinc and nickel prices extended losses on Tuesday, as speculators continued to book profits from the metals’ recent meteoric run-up and concerns about demand growth in the world’s top commodities market lingered.
Zinc was close to its near two-month low hit on Monday, as speculative buying that helped fuel a blistering rally to multi-year highs at the end of November turned to year-end profit taking. Earlier on Tuesday, Nickel hit its lowest since Nov. 3.
* The most-traded copper contract on the Shanghai Futures Exchange (ShFE) rose 0.3 percent to settle at 44,340 yuan (6,381) a tonne in thin trade, with the London Metal Exchange (LME) closed for a holiday on Tuesday.
* ShFE zinc settled down 1.91 percent, nickel fell 2.3 percent and lead traded 1.97 percent lower.
* Zinc and nickel have fallen over 7 percent over the past two days.
* Analysts raised concerns about China’s property market, pointing to moves to limit property speculation in 2017 and a likely drop-off in government efforts to boost demand.
* Still, ShFE futures for copper, which is widely used in power and construction, is up around 20 percent this year and on track for its largest annual rise since 2010.
* The LME will reopen on Wednesday.
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* Asian stocks were mostly higher on Tuesday, in thin trade as most major markets were closed for Christmas holidays, while the dollar reclaimed its losses from Monday.
Three month LME copper
Most active ShFE copper
Three month LME aluminium
Most active ShFE aluminium
Three month LME zinc
Most active ShFE zinc
Three month LME lead
Most active ShFE lead
Three month LME nickel
Most active ShFE nickel
Three month LME tin
Most active ShFE tin
$1 = 6.9488 Chinese yuan Reporting by Josephine Mason; Editing by Christian Schmollinger and Amrutha Gayathri