May 7, 2018 / 1:44 AM / 4 months ago

METALS-Shanghai zinc climbs off 9-month low as consumers buy

    MELBOURNE, May 7 (Reuters) - Shanghai zinc climbed off nine
month lows to rally 1 percent on Monday, as consumers bought
into the metal that has been in a shortage for much of the past
year. 
    
    FUNDAMENTALS
    * ZINC: Shanghai Futures Exchange zinc rose 1
percent, having hit its weakest since last August in the session
before at 23,145 yuan ($3,639.78) a tonne amid concerns over
steel demand in light of tariffs imposed by the United States.
Prices may come under pressure later in the session, with Shfe
rebar down 1.2 percent.   
    * COPPER: Shfe copper edged down 0.2 percent after
weekly China exchange stocks surged by nearly 15,000 tonnes or 6
percent on Friday.  
    * LME HOLIDAY: The London Metal Exchange was closed on
Monday for a bank holiday weekend. 
    * CHINA ECONOMY: A flurry of Chinese data in coming weeks is
expected to show the world's second-largest economy remained
strong in April, underpinned by a pick-up in industrial output
and a rebound in exports despite rising trade tensions with the
United States.
    * CHINA TRADE: Chinese state media struck an optimistic note
on trade talks between Chinese and U.S. officials after U.S.
President Donald Trump threatened to impose tariffs on up to
$150 billion in Chinese goods over allegations of intellectual
property theft.
    * PREMIUMS: Shanghai zinc premiums climbed by $12.50, while
Shfe lead premiums rose by $10, signalling physical buyers had
stepped in on the price drop. <0#BASEBW-SHMET> 
    * ALUMINIUM: Aluminium producer Alcoa Corp said on
Friday that management at its Quebec smelter had notified the
provincial labor ministry it is ready to resume mediated
contract talks with the United Steelworkers union.
    * SPECULATORS: Hedge funds and money managers trimmed their
net long positions in COMEX gold and copper contracts in the
week to May 1, U.S. Commodity Futures Trading Commission data
showed on Friday.
    * DRC: The government of the Democratic Republic of Congo
has made no substantial concessions to major miners demanding
changes to a new mining code they say will discourage
investment, according to a draft document seen by Reuters on
Friday.
    * For the top stories in metals and other news, click       
 or     
        
    MARKETS NEWS    
    * Asian shares crept higher on Monday after a tame reading
on U.S. wages lessened the risk of faster rate hikes by the
Federal Reserve, although Sino-U.S. trade tensions and a looming
deadline for the Iranian nuclear deal argued for caution.
    
        
    DATA AHEAD (GMT)
    0600  Germany Industrial orders Mar
    0830  Euro zone Sentix index May
    1400  U.S. Employment trends Apr
    * China Forex reserves Apr
    
    *No exact timing    
    PRICES GMT
 BASE METALS PRICES               0113 GMT          
 Three month LME copper                         6845
 Most active ShFE copper                       51060
 Three month LME aluminium                      2343
 Most active ShFE aluminium                    14605
 Three month LME zinc                           3067
 Most active ShFE zinc                         23630
 Three month LME lead                           2316
 Most active ShFE lead                         18735
 Three month LME nickel                        13950
 Most active ShFE nickel                      104230
 Three month LME tin                           21231
 Most active ShFE tin                         147260
                                                    
 BASE METALS ARBITRAGE                              
 LME/SHFE COPPER               LMESHFCUc3          0
 LME/SHFE ALUMINIUM            LMESHFALc3          0
 LME/SHFE ZINC                 LMESHFZNc3          0
 LME/SHFE LEAD                 LMESHFPBc3          0
 LME/SHFE NICKEL               LMESHFNIc3          0
 


($1 = 6.3589 Chinese yuan renminbi)

    
 (Reporting by Melanie Burton; editing by Richard Pullin)
  
 
 
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