January 11, 2018 / 2:35 AM / 12 days ago

METALS-Shanghai nickel touches highest since November on output concerns

    BEIJING, Jan 11 (Reuters) - Nickel prices on the Shanghai
Futures Exchange (ShFE) climbed as much as 1 percent to their
highest in almost two months on Thursday, tracking a rise in
London a day earlier, as concerns over production outages lent
support to the market.
        
    FUNDAMENTALS
    * SHFE NICKEL: The most traded Shanghai nickel was
up 0.8 percent at 101,110 yuan ($15,529) a tonne at 0212 GMT,
having earlier touched 102,380 yuan a tonne, its highest since
Nov. 9.
    * LME NICKEL: Benchmark nickel on the London Metal
Exchange was down 0.9 percent at $12,820 a tonne, partly
reversing Wednesday's gains, when it touched $13,200 a tonne,
its highest since June 2015.
    * MADAGASCAR: Japan's Sumitomo Corp on Thursday
said it and partners Sherritt International Corp and
Korea Resources Corp            halted output at the Ambatovy
nickel mine in Madagascar on Jan. 4, the day before Cyclone Ava
hit the area.
    * COPPER: Three-month copper on the LME was up 0.2
percent at $7,164 a tonne, building on its 0.7 percent gain in
the previous session. The most-traded SHFE copper contract
 was up 0.3 percent at 55,030 yuan a tonne.
    * CHINA: Tongling Nonferrous Metals Group, one
of China's top copper smelters, will suspend production at its
Jinguan Copper unit for three days from Friday for repairs, a
source familiar with the matter said.
    * PERU: The government of Peruvian President Pedro Pablo
Kuczynski is evaluating a $2.4 billion railway project to
transport mineral concentrates from a copper-rich Andean region
to the Pacific coast for export.
    * ALUMINIUM: Liberty House, the industrial arm of British
steel tycoon Sanjeev Gupta's GFG Alliance, has made a binding
offer for miner Rio Tinto's <RIO.AX<, aluminium smelter
in Dunkirk, France, the largest in Europe.
    * CANADA: Unionized workers at Alcoa Corp's aluminium
smelter in Becancour, Quebec rejected the company's latest
contract offer.
    * COBALT: Democratic Republic of Congo is considering more
than doubling royalties on cobalt, a key ingredient in
lithium-ion batteries, under a new mining code nearing
parliamentary approval, the mines minister said on Wednesday.

    * For the top stories in metals and other news, click       
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    MARKETS NEWS    
    * The New Year rally in Asian shares ran out of steam on
Thursday as concerns about the U.S. administration's
protectionist stance hit Wall Street while U.S. bonds were
dented by speculation China may curtail buying.
       
        
    DATA AHEAD (GMT)
    
    0900  Germany Full Year GDP 2017
    1000  Euro Zone Industrial Production Nov    
        
    PRICES    
    
    
 BASE METALS PRICES                              0212 GMT
 Three month LME copper                              7164
 Most active ShFE copper                            55030
 Three month LME aluminium                         2194.5
 Most active ShFE aluminium                         15170
 Three month LME zinc                              3350.5
 Most active ShFE zinc                              26130
 Three month LME lead                              2554.5
 Most active ShFE lead                              19375
 Three month LME nickel                             12825
 Most active ShFE nickel                           101110
 Three month LME tin                                20025
 Most active ShFE tin                              145370
                                                         
 BASE METALS ARBITRAGE                                   
 LME/SHFE COPPER                    LMESHFCUc3     591.34
 LME/SHFE ALUMINIUM                 LMESHFALc3   -1456.49
                                                
 LME/SHFE ZINC                      LMESHFZNc3     319.79
 LME/SHFE LEAD                      LMESHFPBc3    -660.78
 LME/SHFE NICKEL                    LMESHFNIc3     1783.2
                                                
 



($1 = 6.5110 Chinese yuan renminbi)

    
 (Reporting by Tom Daly; editing by Richard Pullin)
  
 
 
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