* LME inventories for lead at lowest in a year
* LME/SHFe arb: tmsnrt.rs/2oQ5nm2
(Updates with closing prices)
By Zandi Shabalala
LONDON, April 28 Lead hit its highest price in
nearly two weeks on Friday as concerns about availability on the
London Metal Exchange were reinforced by falling warehouse
Benchmark lead on the LME ended up 2 percent at
$2,249 a tonne, its highest since April 18.
"I'm positive on the fundamentals of lead," said Societe
Generale Head of Metals Research Robin Bhar, adding that
falling stocks should help support prices and offset seasonally
LEAD: Stocks in LME-registered warehouses have fallen 13
percent to 165,275 tonnes over the last 27 days, their lowest in
more than a year. MPBSTX-TOTAL
CANCELLED WARRANTS: Cancelled warrants -- material already
earmarked for delivery and so not available to the market -- at
nearly 52 percent of total stocks are adding to worries about
tight supplies on the LME.
WARRANTS: Traders are also concerned that a large holding of
LME warrants -- between 30 and 39 percent -- could exacerbate
limited supply. <0#LME-WHC>
PREMIUM: The premium for nearby lead can be seen in the
tom/next trade -- at $24 a tonne compared with a discount of $3
on Thursday CMPBT-0. The premium for the cash contract over
the three-month has jumped to $24 a tonne from $13. CMPB0-3
COPPER: Three-month copper was bid up 0.4 percent to
$5,713 a tonne, reversing losses from the previous session.
CHINESE MANUFACTURING: The pace of expansion in China's
manufacturing sector likely slowed this month, a Reuters poll
showed. Data is due on Sunday, April 30.
ANTI-MINING: Nickel prices have been rising since Philippine
Environment Secretary Regina Lopez said on Thursday she would
ban open-pit mining.
NICKEL: LME nickel ended 1.2 percent higher to
$9,450, touching its highest in nearly two weeks. The metal hit
a 10-month low earlier this week.
ALUMINIUM: Aluminium shed 0.6 percent to $1,911.50
per tonne, near 27-month highs hit in March as LME stocks were
at their lowest since 2008.
BHP SHAREHOLDERS: Two weeks after Elliott Management's
surprise assault on BHP Billiton, its demand for
change is gaining little traction.
MARKET NEWS: Asian stocks slipped as investors took profits
after a strong week, while the Korean won weakened after U.S.
President Donald Trump said he would renegotiate or terminate a
trade deal with South Korea.
OTHER METALS: Tin rose 0.3 percent to $19,900, while
zinc added 1 percent to $2,623.
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(Additional reporting by James Regan in Sydney; Editing by
David Evans and Elaine Hardcastle)