August 24, 2017 / 1:56 AM / a month ago

METALS-China nickel futures near half-yr peak on supply woes

SYDNEY, Aug 24 (Reuters) - Chinese nickel futures surged on Thursday to a near six-month high on the back of strong gains in overnight London Metal Exchange prices amid supply concerns and declining inventories. The metal used in making stainless steel was buoyed worries over exports from the Philippines, after data showed output fell 24 percent in the first half of the year amid an environmental crackdown that has seen at least eight nickel mines suspended since last year.

FUNDAMENTALS

* Three-month nickel on the London Metal Exchange gained 0.9 percent to $11,770.00 a tonne by 0125 GMT, after touching $11,825 overnight, the highest since last November.

* The most-traded nickel contract on the Shanghai Futures Exchange rose 2.62 percent to 94,500 yuan ($14,195) a tonne, the highest since early March.

* NICKEL STOCKS: Prices were supported by a fall in on-warrant stockpiles of nickel at LME-registered warehouses to the lowest since January after 5,682 tonnes of cancellations. MNISTX-TOTAL

* LONDON COPPER: LME copper was up 0.3 percent to $6,584.50 a tonne, reversing losses from the previous session.

* SHANGHAI COPPER: Shanghai Futures Exchange copper was largely flat at 51,670 yuan a tonne.

* SHANGHAI ZINC: ShFE zinc was modestly higher, while LME zinc was 0.3 percent higher at $3,105.50 a tonne.

* STOCKS: COMEX copper stocks rose by a net 271 tonnes on Monday. There was some light two-way action at New Orleans and arrivals at both Tucson and Salt Lake City.

* NEW COPPER MINE: OZ Minerals Ltd said it would begin construction of its Carrapateena copper mine in Australia, the country’s largest undeveloped copper project, which it estimated would cost A$916 million ($724 million).

* SOUTH32 GAINS: Australian-based miner South32 Ltd S32.AX posted an eight-fold rise in its annual underlying earnings on Thursday, as a broad recovery in metal prices offset disruptions to its coal business.

* VEDANTA UP: Diversified miner Vedanta Resources’ first-quarter core earnings rose about 48 percent on higher zinc production, with renewed demand for the metal driven by higher steel production in China.

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MARKETS NEWS

* Asian stocks edged up on Thursday, shaking off the risk aversion that gripped financial markets overnight after U.S. President Donald Trump’s threat to shut down the government, though the dollar remained sluggish.

DATA AHEAD (GMT) 0645 France Business climate Aug 0830 Britain GDP 2nd release Q2 1230 U.S. Weekly jobless claims 1400 U.S. Existing home sales Jul

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

ARBS ($1 = 6.6569 Chinese yuan renminbi)

Reporting by James Regan; Editing by Richard Pullin

Our Standards:The Thomson Reuters Trust Principles.
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