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METALS-London zinc, nickel, spring back as markets stabilise
September 25, 2017 / 3:00 AM / a month ago

METALS-London zinc, nickel, spring back as markets stabilise

    MELBOURNE, Sept 25 (Reuters) - London zinc and nickel
bounced back as markets stabilised on Monday after investors
slashed risk late last week on concerns about China's credit and
escalating tensions over North Korea.
    
    FUNDAMENTALS
    * COPPER: London Metal Exchange copper rose 0.4
percent to $6,484 a tonne by 0242 GMT, having fallen on Friday
to its weakest since Aug. 16 at $6,366. Shanghai Futures
Exchange copper rose 1 percent to 50,380 yuan ($7,625).
    * NICKEL: LME nickel which crumbled by more than 5
percent on Friday after the SHFE hiked trading fees for the
volatile contract, sprang back by 1.3 percent. 
    * INVESTORS: Hedge funds and money managers cut their net
long position in COMEX gold contracts from a one-year high in
the week to Sept. 19, as they also reduced bullish stances in
silver and copper, U.S. Commodity Futures Trading Commission
data showed on Friday.
    * CHINA LENDING: China's latest push to revive its bloated
state-owned sector is set to pick up pace this year, with
bankers and investors expecting possible spin-offs and asset
sales to follow a key Communist Party Congress in October.

    * S. KOREA JITTERS: Some banks have begun to pare back
credit lines to smaller trading companies holding industrial
metals in South Korea amid escalating tensions over North
Korea's nuclear and missile program, two industry sources said
this week.
    * CHINA MINING: China's mining industry will shrink if the
government does not cut it some slack in return for compliance
with strict environmental policies, the head of one of the
country's largest gold miners said on Saturday.
    * ZINC M&A: Kazakhstan-focused copper miner Central Asia
Metals said it would buy Bermuda-based Lynx Resources
Ltd, a miner of lead and zinc, in a $402.5 million
reverse-takeover deal from its owners.
    * CHINA POLLUTION: Cities in China's eastern province of
Anhui are issuing plans to curb production in the steelmaking,
non-ferrous smelting, cement and coal-fired power sectors over
the coming winter in a drive to meet a politically crucial air
pollution target.
    * For the top stories in metals and other news, click       
 or     
        
    MARKETS NEWS    
    * U.S. Treasury and gold prices rose while the Japanese yen
strengthened on Friday as a fresh exchange of barbs between
North Korea and the United States fueled geopolitical concerns.
    
    
        
    DATA AHEAD (GMT) 
    0800  Germany Ifo business climate Sep 
    1230  U.S. National activity index Aug 
    1430  U.S. Dallas Fed manufacturing index Sep     
    PRICES    
    
 BASE METALS PRICES                                
 Three month LME copper                      6474.5
 Most active ShFE copper                      50300
 Three month LME aluminium                   2149.5
 Most active ShFE                             16475
 aluminium                                
 Three month LME zinc                        3084.5
 Most active ShFE zinc                        25175
 Three month LME lead                          2489
 Most active ShFE lead                        20725
 Three month LME nickel                       10540
 Most active ShFE nickel                      84030
 Three month LME tin                          20585
 Most active ShFE tin                        145370
                                                   
 BASE METALS ARBITRAGE                             
 LME/SHFE COPPER            LMESHFCUc3       338.63
 LME/SHFE ALUMINIUM         LMESHFALc3       -16.03
 LME/SHFE ZINC              LMESHFZNc3       820.14
 LME/SHFE LEAD              LMESHFPBc3       206.74
 LME/SHFE NICKEL            LMESHFNIc3      1796.37
 

($1 = 6.6076 Chinese yuan renminbi)

    
 (Reporting by Melanie Burton; Editing by Richard Pullin)
  
 
 

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