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METALS-Firm dollar lifts copper; nickel, aluminium edge up
October 10, 2017 / 2:07 AM / in 11 days

METALS-Firm dollar lifts copper; nickel, aluminium edge up

    SYDNEY, Oct 10 (Reuters) - London copper pushed higher on
Tuesday after stagnating overnight, buoyed by a steady dollar
and a modest uplift in Chinese futures.
    Chinese nickel and aluminium futures also edged up, ignoring
a steep drop in Shanghai steel prices.
    "Both metals (nickel and aluminium) are expected to see
production output curtailed in the coming weeks on environmental
grounds as the National Congress draws nearer," ANZ Bank said in
a note.
      
    FUNDAMENTALS
    * Three-month copper on the London Metal Exchange        
was up 0.9 percent at $6,727 a tonne, as of 0144 GMT, after
trading flat overnight.
    * The most-traded copper contract on the Shanghai Futures
Exchange          climbed 0.21 percent to 52,230 yuan
($7,924.56) a tonne.
    * NICKEL PRICES: LME three-month nickel         retreated
0.6 percent to $10,955 a tonne. In the previous session, it
closed 4 percent higher, its best since Sept. 21. 
    ShFE nickel          climbed 1.5 percent after rising 3.3
percent on Monday. 
    * ALUMINIUM: Three-month aluminium was mostly steady at
$2,160.50 a tonne, while ShFE aluminium was 0.27 percent up. 
    * CHINA CONGRESS: Some analysts believe part of the reason
for looming industrial plant closures, which come before the
major heating season begins in mid-November, is to clean the air
in the capital of Beijing ahead of the once-in-five-years 19th
Party Congress, beginning on Oct. 18.             
    * STEEL DOWN: The most-active rebar on the Shanghai Futures
Exchange           was down nearly 3 percent reversing Monday's
gains.           
    * INVENTORIES: Nickel stocks in LME-registered warehouses
fell by 1,638 tonnes to 384,864 tonnes while on-warrant stocks -
those earmarked for delivery - fell 576 tonnes to 249,336
tonnes.
    DOLLAR: The dollar index against a basket of six major
currencies was a shade higher        after dipping about 0.15
percent overnight.       
    * FREEPORT'S WORTH: Indonesia's mining minister Ignasius
Jonan said on Monday he estimates the local unit of
Freeport-McMoRan Inc        , operator of the giant Grasberg
copper mine, to be worth $8 billion, amid talks over the
divestment of a majority stake in the unit.             
    * CYCLONE ODDS: Warmer ocean temperatures have increased the
possibility of more cyclones developing near Australia during
the upcoming November to April cyclone season, the Bureau of
Meteorology said.             
    * For the top stories in metals and other news, click       
          or             
        
    MARKETS NEWS    
    * Asian shares gained on Tuesday, shrugging off modest
losses on Wall Street while expectations of a U.S. interest rate
increase this year continued to underpin the dollar.            
   
DATA AHEAD (GMT)
0600  Germany       Trade balanc               Aug 
0645  France        Industrial                 Aug 
0830  Britain       Industrial output          Aug 
1000  U.S.          NFIB business optimism     Sep     
    
        
    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 = 6.5909 Chinese yuan)

    
 (Reporting by James Regan; Editing by Sherry Jacob-Phillips)
  
 
 

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