December 27, 2016 / 8:57 AM / 7 months ago

METALS-Shanghai zinc, nickel fall further on year-end profit taking

2 Min Read

(Updates prices)

BEIJING, Dec 27 (Reuters) - Shanghai zinc and nickel prices extended losses on Tuesday, as speculators continued to book profits from the metals' recent meteoric run-up and concerns about demand growth in the world's top commodities market lingered.

Zinc was close to its near two-month low hit on Monday, as speculative buying that helped fuel a blistering rally to multi-year highs at the end of November turned to year-end profit taking. Earlier on Tuesday, Nickel hit its lowest since Nov. 3.

Fundamentals

* The most-traded copper contract on the Shanghai Futures Exchange (ShFE) rose 0.3 percent to settle at 44,340 yuan (6,381) a tonne in thin trade, with the London Metal Exchange (LME) closed for a holiday on Tuesday.

* ShFE zinc settled down 1.91 percent, nickel fell 2.3 percent and lead traded 1.97 percent lower.

* Zinc and nickel have fallen over 7 percent over the past two days.

* Analysts raised concerns about China's property market, pointing to moves to limit property speculation in 2017 and a likely drop-off in government efforts to boost demand.

* Still, ShFE futures for copper, which is widely used in power and construction, is up around 20 percent this year and on track for its largest annual rise since 2010.

* The LME will reopen on Wednesday.

* For the top stories in metals and other news, click or

Markets News

* Asian stocks were mostly higher on Tuesday, in thin trade as most major markets were closed for Christmas holidays, while the dollar reclaimed its losses from Monday.

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

$1 = 6.9488 Chinese yuan Reporting by Josephine Mason; Editing by Christian Schmollinger and Amrutha Gayathri

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