October 15, 2019 / 3:20 AM / a month ago

METALS-Shanghai nickel drops after London's sharp fall

SINGAPORE, Oct 15 (Reuters) - Nickel prices in Shanghai fell on Tuesday, tracking a sharp decline in London from the previous session, although both markets have bounced off their lows due to tight stockpiles.

The most-traded nickel contract on the Shanghai Futures Exchange (ShFE) fell as much as 3.6% to 132,770 yuan ($18,787) a tonne, before edging back up. At 0227 GMT, Shanghai was down 2.9% from its previous close.

Three-month nickel on the London Metal Exchange (LME) jumped as much as 4.4% to $17,285 a tonne, not nearly enough to fully reverse losses of 5.7% in the previous session.

FUNDAMENTALS

* SPREAD: LME cash nickel’s premium over the three month contract MNI0-3 dipped slightly on Monday to $135 a tonne but still stayed in the premium zone where it has been since the middle of August, indicating tight prompt supplies.

* STOCKS: Nickel stocks in LME-approved warehouses MNISTX-TOTAL fell to 94,134 tonnes, the lowest since January 2012, the latest data showed.

* PRICES: LME copper fell 0.1%, aluminium rose 0.1%, lead rose 0.5% and tin edged down 0.1%. In Shanghai, copper and aluminium eased 0.1% each, and zinc fell 0.3%.

* CODELCO: Chile’s Codelco, the world’s largest copper producer, said on Monday it is evaluating the closure of its Ventanas copper smelter in a polluted coastal region.

* NYRSTAR: Nyrstar’s Langlois mine in Canada will cease production in December due to rock conditions having deteriorated to an extent to which the company considers it uneconomic, the company said in a release on Monday.

* LITHIUM: London-listed Bacanora Lithium plans to raise $300 million in capital early next year and says a deal with China’s Ganfeng Lithium Co Ltd puts it in a better position to raise the money than when it cancelled a smaller share sale last year.

* COLUMN: Trump’s non-deal deal with China is mainly significant for sentiment: Russell

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

MARKETS NEWS

* Asian stocks and Wall Street futures inched higher as some investors held out hope that Britain still had a chance to avoid a messy exit from the European Union at key negotiations this week.

DATA/EVENTS AHEAD (GMT)

0400 Indonesia Trade Balance Sept

0645 France CPI (EU Norm) Final MM, YY Sept

0830 UK Claimant Count Unemployment Change Sept

0830 UK ILO Unemployment Rate Aug

0830 UK Bank of England publishes record of October

Financial Policy Committee meeting

0900 Germany ZEW Economic Sentiment Oct

0900 Germany ZEW Current Conditions Oct

1800 EU Reserve Assets Total Sept

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

$1 = 7.0671 yuan Reporting by Mai Nguyen; Editing by Tom Hogue

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