SYDNEY, Dec 8 (Reuters) - Shanghai copper futures were on track to end the week in negative territory after opening softer on Friday, ignoring signs of supply-side support.
News that China’s second largest producer, Tongling Nonferrous Metals Group was idling up to 30 percent its smelting capacity to meet winter output restrictions, did little to counter a bout of end-of-week profit taking.
* SHFE COPPER: The most-traded copper contract on the Shanghai Futures Exchange was down 0.04 percent to 51,460 yuan ($7,776.59)a tonne at 0111 GMT. At the level, the contract is facing a 2.7 percent loss for the week.
* LME: Three-month copper on the London Metal Exchange was down 0.2 percent to $6,552.50 a tonne and set for a weekly loss of more than 4 percent.
* NICKEL: ShFE nickel led gainers, rising more than 1 percent at the open. LME nickel, retreated 0.8 percent after posting a hefty 2.2 percent rise overnight.
* VALE NICKEL CUT: Brazilian miner Vale SA dialed back its nickel output forecasts for the next five years on Wednesday, although the world’s top producer of the metal praised its longer term prospects on likely soaring demand for electric cars.
* DOLLAR UP: The dollar inched higher on Friday, on track for a weekly gain against a basket of currencies, as the passage of a bill to temporarily extend U.S. government funding raised investors’ optimism that a tax reform bill would also pass.
* FREEPORT COPPER EXIT: A proposed three-way deal between the Indonesian government, Rio Tinto and Freeport-McMoRan to clean up the ownership of the giant Grasberg copper-gold mine looks like one of those rare situations where everybody wins. Except that it isn‘t.
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* Asian shares rallied for a second session on Friday as investors awaited major economic data from China and the United States while marvelling at the meteoric ascent of the market’s new crypto-star, bitcoin.
DATA AHEAD (GMT) * China Trade data Nov 0700 Germany Trade data Oct 0745 France Industrial output Oct 1330 U.S. Nonfarm payrolls Nov 1330 U.S. Unemployment rate Nov 1500 U.S. Univ of Michigan sentiment index Dec 1500 U.S. Wholesale sales Oct *No fixed timing
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 = 6.6173 Chinese yuan renminbi)
Reporting by James Regan; editing by Richard Pullin