May 25, 2018 / 2:43 AM / a year ago

METALS-Base metals rise on weaker dollar after Trump-Kim summit nixed

    BEIJING, May 25 (Reuters) - Almost all base metals rose on
Friday, led by Shanghai nickel which hit a near three-year high,
after the dollar took a hit following U.S. President Donald
Trump's decision to cancel a summit with North Korean leader Kim
Jong Un.
    A weaker dollar makes metals more expensive for holders of
other currencies and can support prices.
    * LME COPPER: Three-month copper on the London Metal
Exchange was up 0.2 percent at $6,894 tonne, as of 0225
GMT, building on a 0.2 gain in the previous session. 
    * SHFE COPPER: The most-traded July copper contract on the
Shanghai Futures Exchange climbed 0.5 percent to 51,570
yuan ($8,071.94) a tonne.
    * USD: The dollar index edged up 0.2 percent, and
recovered slightly against the yen after hitting its
lowest in more than two weeks in the previous session.
    * NICKEL: Shanghai nickel gained 3.1 percent to
111,330 yuan a tonne, hitting its highest since June 2015. 
    * LEAD: Lead was flat in London at $2,493, but is up
7 percent so far this week on dwindling stocks and a crackdown
on recycling capacity in China. The metal is on course for its
best week since January 2017. 
    Shanghai lead added another 0.9 percent, and is up
9.6 percent in May.
    * RUSAL: Russian aluminium producer Rusal has
asked the Russian government to purchase some of its output, a
government source said on Thursday, in an effort to alleviate
the pain inflicted by U.S. sanctions.
    * LITHIUM: Chilean miner SQM said on Thursday it would
invest $525 million to boost its lithium production capacity in
Chile through 2021 as demand for the key ingredient in electric
vehicle batteries continues to surge.
    For the top stories in metals and other news, click       
    * Asian shares were slightly weaker on Friday amid fragile
market sentiment after U.S. President Donald Trump called off a
key summit with North Korea, though investor concerns were
softened by expectations the two countries may still continue
    0800  Germany    Ifo business climate May
    0830  UK        GDP 2nd release Q1
    1230  U.S.    Durable goods April    
 BASE METALS PRICES                        0224 GMT
 Three month LME copper                        6894
 Most active ShFE copper                      51600
 Three month LME aluminium                   2288.5
 Most active ShFE aluminium                   14785
 Three month LME zinc                        3037.5
 Most active ShFE zinc                        23555
 Three month LME lead                          2493
 Most active ShFE lead                        20065
 Three month LME nickel                       15005
 Most active ShFE nickel                     111310
 Three month LME tin                              0
 Most active ShFE tin                        147380
 BASE METALS ARBITRAGE                             
 LME/SHFE COPPER              LMESHFCUc3     289.58
 LME/SHFE ALUMINIUM           LMESHFALc3   -2227.15
 LME/SHFE ZINC                LMESHFZNc3     478.39
 LME/SHFE LEAD                LMESHFPBc3     317.48
 LME/SHFE NICKEL              LMESHFNIc3   -3080.01
  ($1 = 6.3888 Chinese yuan)

 (Reporting by Tom Daly, Editing by Sherry Jacob-Phillips)
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