May 28, 2018 / 7:26 AM / 5 months ago

METALS-Shanghai lead slips from 7-1/2-month top in holiday-thinned trade

(Updates prices)

MANILA, May 28 (Reuters) - Chinese lead futures retreated on Monday from their strongest level in nearly eight months, tracking losses in London in the prior session, as investors cashed in on the recent sharp gains.

Trading was slow with the London Metal Exchange shut for a UK public holiday.

The most-traded lead contract on the Shanghai Futures Exchange closed down 1.1 percent at 19,870 yuan ($3,109) a tonne. It touched 20,225 yuan on Friday, its loftiest since Oct. 9.

* CHINA DATA: Profits earned by Chinese industrial firms in April rose at their fastest pace in six months, data from the National Bureau of Statistics showed on Sunday, as factories benefited from higher prices and strong demand.

* CHINALCO: China’s largest state aluminium producer Chinalco has sealed a joint venture deal with the Yunnan government and the province’s state-run metal group, giving it its first foothold in the southwestern region’s aluminium market.

* VEDANTA: India’s Tamil Nadu state deputy head said his government would take all steps to permanently shut a copper smelter run by London-listed Vedanta Resources after deadly protests demanding its closure on environmental grounds.

* FORTESCUE: Australia’s Fortescue Metals Group Ltd , the world’s fourth largest iron ore miner, said its board has approved the development of a $1.28 billion mine and rail project in Western Australia, in a bid to boost the price it gets for its iron ore.

* RUSAL: Russian automaker Avtovaz said it will continue to buy aluminium from sanctions-hit Rusal but was looking for alternative sources in case it has to wind down business with the world’s biggest producer of the metal.

* U.S.-NORTH KOREA TALKS: U.S. President Donald Trump said a U.S. team had arrived in North Korea to prepare for a proposed summit between him and North Korean leader Kim Jong Un, which Trump pulled out of last week before reconsidering.

* MARKETS: U.S. oil futures sank to six-week lows on expectations that major producers may raise output, while Asian stocks and U.S. share futures gained on signs the United States and North Korea were still working towards holding a summit. The euro bounced off a 6-1/2-month low against the dollar.

* OTHER METALS: Shanghai copper rose 0.2 percent to 51,610 yuan a tonne, zinc climbed 1.6 percent to 23,900 yuan, aluminium was flat at 14,800 yuan and tin advanced 2.1 percent to 150,490 yuan. ($1 = 6.3918 Chinese yuan)

Reporting by Manolo Serapio Jr.; editing by Richard Pullin and Sunil Nair

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