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METALS-Shanghai zinc, nickel extend losses on year-end profit taking
December 27, 2016 / 3:01 AM / a year ago

METALS-Shanghai zinc, nickel extend losses on year-end profit taking

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.


* The most-traded copper contract on the Shanghai Futures Exchange (ShFE) was up 0.3 percent at 44,330 yuan ($6,376) a tonne at 0232 GMT in thin trade, with the London Metal Exchange (LME) closed for a holiday on Tuesday.

* ShFE zinc was down 2.2 percent, nickel fell 1.4 percent and lead traded 2.4 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 Dec. 28.

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


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


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 = 6.9495 Chinese yuan renminbi Reporting by Josephine Mason; Editing by Christian Schmollinger

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