March 11, 2019 / 2:18 AM / 3 months ago

METALS-Zinc climbs on China lending pledge, low stocks

    BEIJING, March 11 (Reuters) - Zinc prices rose in London and
Shanghai in early Asian trade on Monday, buoyed by a pledge from
China's central bank to increase loans and lower borrowing costs
after a sharp drop in bank lending in February.
    The metal used to galvanise steel has risen about 11 percent
in London so far in 2019 as zinc stocks at London Metal
Exchange-registered warehouses have halved to below 60,000
tonnes MZN-STOCKS.  
    * ZINC: Three-month LME zinc rose as much as 1.3
percent to $2,746.50 a tonne and stood at $2,736 as of 0158 GMT.
The most traded zinc contract on the Shanghai Futures Exchange
 rose 0.4 percent to 21,410 yuan ($3,185.73) a tonne.
    * ZINC TC: Global trader and miner Glencore has
struck a deal with its Canadian subsidiary Noranda Income Fund
on the terms of zinc treatment charges for the coming year, but
did not disclose the fees, the fund said on Friday.
    * LME: The LME is launching seven new cash-settled futures
contracts on Monday, including hot-rolled coil (HRC) steel,
alumina and cobalt, aiming to attract more business after
profits fell last year.
    * COPPER: LME copper edged down 0.1 percent to
$6,391 a tonne, while ShFE copper slipped 0.2 percent
to 49,030 yuan a tonne.
    * COPPER: China's unwrought copper imports fell year-on-year
in February to their lowest in 11 months, while copper
concentrate imports rose to tie the all-time monthly record,
signalling that the world's top copper consumer is churning out
more metal itself.   
    * FREEPORT: The Indonesian government has approved one-year
export allowances for copper concentrate for miners PT Freeport
Indonesia and PT Amman Mineral Nusa Tenggara, officials from the
Ministry of Energy and Mineral Resources said on Friday.

    * For the top stories in metals and other news, click       
    * Asian shares pulled back after U.S. employment data raised
doubts about the strength of the global economy while investor
jitters ahead of crucial Brexit votes in the UK parliament this
week weighed on the pound.    
0700    Germany     Industrial Output   MM     Jan
1230     US        Retail Sales        MM     Jan
1300      Bank of England Monetary Policy Committee member
Jonathan     Haskel to deliver a speech at University of
    EU Finance ministers to meet in Brussels
 BASE METALS PRICES                       0200 GMT
 Three month LME copper                       6393
 Most active ShFE copper                     49030
 Three month LME aluminium                  1869.5
 Most active ShFE aluminium                  13485
 Three month LME zinc                       2737.5
 Most active ShFE zinc                       21400
 Three month LME lead                         2105
 Most active ShFE lead                       17400
 Three month LME nickel                      13155
 Most active ShFE nickel                    102670
 Three month LME tin                             0
 Most active ShFE tin                       147510
 BASE METALS ARBITRAGE                            
 LME/SHFE COPPER              LMESHFCUc3   -919.64
 LME/SHFE ALUMINIUM           LMESHFALc3  -1054.15
 LME/SHFE ZINC                LMESHFZNc3   -378.01
 LME/SHFE LEAD                LMESHFPBc3    282.93
 LME/SHFE NICKEL              LMESHFNIc3  -2438.69
 ($1 = 6.7206 Chinese yuan renminbi)

 (Reporting by Tom Daly; editing by Richard Pullin)
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