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METALS-Shanghai nickel leads gainers on bet price still rising
2017年11月14日 / 凌晨1点35分 / 10 天前

METALS-Shanghai nickel leads gainers on bet price still rising

SYDNEY, Nov 14 (Reuters) - Chinese nickel futures led gainers in early trading on Tuesday, building on hefty overnight gains in the London market as consumers built positions as a hedge against further price rises.

“That was the reason behind the big move in London overnight and we’re seeing follow-through in Asia today,” said a Perth-bsed commodities trader, who declined to be named because he is not authorised to speak to media.

FUNDAMENTALS

* SHFE NICKEL: The most-traded nickel contract on the Shanghai Futures Exchange was up just over 2 percent to 101,520 yuan ($15,292) a tonne by 0100 GMT.

* LME NICKEL: Three-month nickel on the London Metal Exchange, however, eased slightly to $12,475 a tonne after galloping 3 percent higher overnight. Nickel has gained 23 percent this year, driven by hopes that growth in electric vehicles will boost demand for the metal in batteries. Nickel is mainly used to produce stainless steel.

* CHINA ALUMINIUM CRACKS: China’s winter heating season has arrived and the aluminium market is still struggling to work out what impact it will have on the country’s production.

* RUSAL UP: Russian aluminium giant Rusal beat forecasts with a 30 percent jump in third-quarter core earnings on Monday, helped by higher aluminium prices and rising sales of value added products.

* ALUMINIUM GUIDELINES: Japan’s aluminium industry may consider crafting sector-wide quality assurance guidelines if it gets requests from member companies in the wake of the data fabrication scandal that has engulfed Japan’s Kobe Steel Ltd . * MORE MINE BUYS: Central Asia Metals, which has just bought a lead and zinc mine in Macedonia, would consider further purchases but not for six months. * LME COPPER: Three-month copper initially traded a few dollars higher before retreating to trade flat at $6,895 a tonne after rising 1.6 percent overnight. * SHANGHAI COPPER: The active ShFE copper contract was 1.35 percent firmer.

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

MARKETS NEWS

* Asian stocks wobbled on Tuesday as investors awaited developments in U.S. tax reform efforts, while contemplating if a marked flattening in the U.S. yield curve might ultimately be a harbinger of an economic slowdown there.

0200 China Industrial Output Oct 0200 China Retail Sales Oct 1000 Euro Zone GDP Flash Estimate Q3

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 = 6.6385 Chinese yuan renminbi)

Reporting by James Regan Editing by Richard Pullin

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