Reuters logo
METALS-Nickel, copper lead Shanghai metals down
November 8, 2017 / 7:24 AM / a month ago

METALS-Nickel, copper lead Shanghai metals down

(Updates prices)

By James Regan

SYDNEY, Nov 8 (Reuters) - Nickel and copper led an across-the-board-decline in Chinese base metals on Wednesday, triggered by a sharp selloff overnight in London metals markets.

Investors locked in near-20 percent gains in the nickel market over the past month, with selling sparked by data showing that higher prices have enticed more nickel ore exports from Indonesia, ANZ Bank said.

Indonesia’s Energy and Mineral Resources Ministry on Tuesday said it has issued export quota recommendations for 20.4 million tonnes of nickel ore.

* LME NICKEL: London Metal Exchange three-month nickel was marginally weaker at $12,630 a tonne at 0700 GMT after falling 2.1 percent on Tuesday.

* SHFE NICKEL: The most-traded nickel contract on the Shanghai Futures Exchange dropped 1.47 percent to 101,130 yuan ($15,236.85) a tonne.

* CHINA COPPER IMPORTS: China’s unwrought copper imports fell in October from a month earlier to their lowest since April as prices soared to their highest in more than three years, while concentrate arrivals also slipped, customs data showed on Wednesday.

* ANGLO/DREYFUS: Mining giant Anglo American is among several companies interested in buying commodity trader Louis Dreyfus’s metals business, three trading and banking sources told Reuters.

* OIL VS ELECTRIC: A rapid adoption of electric vehicles could cause world oil demand to reach a plateau in the second half of the 2030s, OPEC said in a report, a potential setback for the oil exporter group’s longer term prospects.

* LONDON COPPER: LME copper was slightly weaker at $6,807 a tonne, following a 2.1 percent loss overnight.

* SHFE COPPER: ShFE copper closed down 2.29 percent.

* DOLLAR SLIPS: The dollar slipped broadly on Wednesday, hurt by a media report that suggested the implementation of a centrepiece corporate tax cut under discussion in U.S. tax reforms plans could be delayed.

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 = 6.6372 Chinese yuan)

Reporting by James Regan; Editing by Richard Pullin and Amrutha Gayathri

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below