August 9, 2019 / 2:51 AM / 4 months ago

METALS-London nickel eases from 16-month high, but set for 9% weekly gain

    BEIJING, Aug 9 (Reuters) - London nickel prices eased in
early trade on Friday, slipping from a 16-month high struck in
the previous session, after Indonesia's nickel miners
association said it had urged the government not to bring
forward a ban on mineral ore exports.
    Nickel is still on course to add 9.2% this week and Shanghai
nickel struck a record high overnight on speculation that the
ban, due to come into force in 2022, could be introduced as soon
as this year.
    * NICKEL: Three-month nickel on the London Metal Exchange
 fell as much as 1.5%, and was down 0.5% at $15,800 a
tonne at 0225 GMT. The metal jumped 12.7% to $16,690 a tonne on
Thursday, matching an April 2018 high.
    * NICKEL: The most-traded October nickel contract on the
Shanghai Futures Exchange was up 5.1% at 126,140 yuan 
($17,893.72) a tonne, after hitting a record high of 127,180
yuan overnight.
    * COPPER: Benchmark London copper slipped 0.4% to
$5,777.50 a tonne, while Shanghai copper rose 0.7% to
46,690 yuan a tonne.
    * PERU: Anti-mining protests in Peru have held up about $400
million in copper exports from some of the country's top mines
and blocked supplies from reaching their operations for nearly
three weeks, port operator Tisur said.
    * ZAMBIA: Glencore's Mopani copper mines in Zambia
has closed two shafts at its Nkana mine, a move that an
opposition leader said had led to 1,400 job losses.
    * COPPER: Copper production in Democratic Republic of Congo
rose 12.5% in the first half of the year from a year earlier to
672,272 tonnes, according to Central Bank figures.
    * ALUMINIUM: Russian aluminium giant Rusal said on
Friday lifting the share of high value-added products in its
sales might prove to be tough in coming months due to the weaker
market for the metal, which caused a 38% slump in its first-half
net profit.
    * COLUMN: Glencore and the perils of riding the electric
vehicle tiger: Andy
    * Asian shares caught the tail of a Wall Street rally on
Friday, helped by China's better-than-expected export figures,
but fresh concerns about the Sino-U.S. trade ties are likely to
limit gains in the region.    
    0830  UK      GDP Estimate 3M/3M, MM, YY    June
    0830  UK      Manufacturing Output MM       June
    0830  UK      GDP Prelim QQ, YY             Q2
    1200  India   Industrial Output YY          June
 BASE METALS PRICES                        0225 GMT
 Three month LME copper                      5777.5
 Most active ShFE copper                      46690
 Three month LME aluminium                     1778
 Most active ShFE aluminium                   13920
 Three month LME zinc                          2305
 Most active ShFE zinc                        18780
 Three month LME lead                        2075.5
 Most active ShFE lead                        16815
 Three month LME nickel                       15800
 Most active ShFE nickel                     126120
 Three month LME tin                          16915
 Most active ShFE tin                        135440
($1 = 7.0494 Chinese yuan)

 (Reporting by Tom Daly, Editing by Sherry Jacob-Phillips)
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