July 23, 2019 / 2:50 AM / a month ago

METALS-LME nickel rebounds amid broader gains in base metals

    SINGAPORE, July 23 (Reuters) - London nickel prices
rebounded on Tuesday after two sessions of declines, hovering
around a one-year peak, while the base metals complex was
broadly higher.
    Three-month nickel on the London Metal Exchange (LME)
        was up 0.3% at $14,345 a tonne, as of 0724 GMT. However,
Shanghai nickel          dropped 2% to 112,990 yuan ($16,415.81)
a tonne, tracking previous session's declines in London.
    Most base metals rose on the LME, but lost ground on the
Shanghai Futures Exchange as investors eyed monetary policies
from major central banks, including a highly expected policy
easing by the U.S. Federal Reserve.
    "It's like ebb and flow of the tide," said a base metals
trader.
    
    FUNDAMENTALS
    * PRICES: Benchmark copper         edged up 0.1%, aluminium
        advanced 0.5% and zinc         rose 0.8%. In Shanghai,
copper          dropped 0.9%, aluminium          declined 0.8%
and lead          slipped 0.8%.
    * COPPER DEFICIT: The global world refined copper market
showed a 96,000 tonnes deficit in April, compared with a 42,000
tonnes deficit in March, the International Copper Study Group
said in its latest monthly bulletin.             
    * ALUMINIUM: Global primary aluminium output fell to 5.246
million tonnes in June from revised 5.406 million tonnes in May,
data from the International Aluminium Institute showed on
Monday.
    * U.S. RARE EARTHS: U.S. President Donald Trump on Monday
told the Pentagon to find better ways to procure a rare earth
magnet used in speciality motors, warning that the nation's
defence would suffer without adequate stockpiles.             
    * LITHIUM: European Metals Holdings          could begin
operations at its Cinovec lithium project in the Czech Republic
by mid-2022, and is holding preliminary discussions with
potential customers, it said on Monday.             
    * For the top stories in metals and other news, click       
          or             
        
    MARKETS NEWS    
    * Expectations of policy easing by major central banks such
as the Federal Reserve propped up global stocks, while the pound
sagged as Britain braced for a new prime minister who could pave
the way for a no-deal exit from the European Union.             
          
    DATA/EVENTS
    1200     Brazil     IPCA-15 Mid-Month CPI    July
    1400     US         Existing Home Sales      June
    1400     EU         Consumer Confid. Flash   July    
        
    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 = 6.8830 Chinese yuan)

 (Reporting by Mai Nguyen, Editing by Sherry Jacob-Phillips)
  
 
 
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