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METALS-LME copper gains on weaker dollar, ShFE nickel up 1 pct
October 10, 2017 / 8:55 AM / 2 months ago

METALS-LME copper gains on weaker dollar, ShFE nickel up 1 pct

 (Updates prices)
    By James Regan
    SYDNEY, Oct 10 (Reuters) - London copper prices edged higher on Tuesday
after stagnating overnight, buoyed by a weaker dollar, while Shanghai copper
slipped.
    Chinese aluminium futures lost ground in the afternoon trade following a
steep drop in Shanghai steel prices, while nickel continued its advance.
    A weaker dollar makes dollar-denominated assets such as copper cheaper for
holders of other currencies.
    "Both metals (nickel and aluminium) are expected to see production output
curtailed in the coming weeks on environmental grounds as the National Congress
draws nearer," ANZ Bank said in a note.
    * LME COPPER: Three-month copper on the London Metal Exchange         was up
0.9 percent at $6,689 a tonne, as of 0809 GMT, after trading flat overnight.
    * The most-traded copper contract on the Shanghai Futures Exchange         
slipped 0.42 percent to 51,900 yuan ($7,876.53) a tonne.
    * NICKEL PRICES: LME three-month nickel         retreated 0.7 percent to
$10,945 a tonne. In the previous session, it closed 4 percent higher, its best
since Sept. 21. 
    ShFE nickel          climbed 1 percent, after having surged 3.3 percent in
the previous session.
    * ALUMINIUM: Three-month aluminium         was mostly steady at $2,164 a
tonne, while ShFE aluminium          ended 0.91 percent lower. 
    * CHINA CONGRESS: Some analysts believe part of the reason for looming
industrial plant closures, which come before the major heating season begins in
mid-November, is to clean the air in the capital of Beijing ahead of the
once-in-five-years 19th Party Congress, beginning on Oct. 18.             
    * STEEL DOWN: The most-active rebar on the Shanghai Futures Exchange
         reversed Monday's gains to end down nearly 5 percent.           
    * DOLLAR: The dollar ran into some profit-taking on Tuesday with the
currency        dropping a fifth of a percent against a trade-weighted basket of
its rivals.
    * FREEPORT'S WORTH: Indonesia's mining minister Ignasius Jonan said on
Monday he estimates the local unit of Freeport-McMoRan Inc        , operator of
the giant Grasberg copper mine, to be worth $8 billion, amid talks over the
divestment of a majority stake in the unit.             

    PRICES    
    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                             
    
    ARBS
                
                
                
                
                
    
($1 = 6.5892 Chinese yuan)

    
 (Reporting by James Regan; Editing by Sherry Jacob-Phillips)
  
 
 

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