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METALS-Base metals slip on profit-taking, shrug off positive China data
December 5, 2017 / 8:01 AM / 10 days ago

METALS-Base metals slip on profit-taking, shrug off positive China data

 (Recasts, updates prices)
    By James Regan
    SYDNEY, Dec 5 (Reuters) - Base metals slipped into negative
territory on Tuesday despite positive Chinese services data, as
investors locked in profits on recent gains in nickel and
copper.
    Earlier in the day, UBS raised its forecast for electric
vehicles, which eventually led to an upgrade in the 2020-2021
nickel outlook. However, the brokerage warned that a vast
inventory pile of metal and ore means it will be difficult to
see nickel prices above the marginal mining costs of $6 per
pound ($13,230 a tonne).
     * SHANGHAI NICKEL: The most-traded nickel contract on the
Shanghai Futures Exchange          closed down 1 percent at
91,940 yuan ($13,901.03) a tonne.
    * LONDON NICKEL: Three-month nickel on the London Metal
Exchange        was down 1.8 percent to 11,175 a tonne, as of
0715 GMT, reversing a modest overnight gain.
    * ELECTRIC CARS: ANZ bank said a Bloomberg report that China
was on the verge of extending rebates on electric vehicles was
spurring positive sentiment for nickel.             
    * CHINA SERVICES DATA: The Caixin/Markit services purchasing
managers' index (PMI) rose to 51.9 in November, up from 51.2 in
October and the highest reading since August.             
    * STEEL FUTURES DIP: The most active rebar on the ShFE
         closed 0.35 percent lower, after hitting its strongest
since Sept. 6 in the previous session.           
    * BIG MINERS DROP: Top base metals producers BHP         
and Rio Tinto          dropped 0.93 percent and 2 percent
respectively on the Australian bourse.
    * ZINC SEIZED: Customs in China's eastern port city of
Qingdao seized 1,762 tonnes of smuggled zinc waste last week in
the country's campaign against the import of "foreign garbage".
            
    * DOLLAR STALLS: The dollar dipped on Tuesday, as investors
waited to see how the next step of the U.S. tax reform
legislation proceeds rather than extend the rise made by the
dollar at the start of the week following the U.S. Senate's
approval of the tax bill.      
    * GUINEA ALUMINA : A consortium of the Societe Miniere de
Boke (SMB) and Singapore's Winning Shipping plans to build
Guinea's first alumina refinery in a $3 billion effort to
develop the West African country's bauxite industry.            
    * SHFE COPPER, ALUMINIUM: ShFE copper          finished 1.3
percent lower, while aluminium          ended 0.79 percent down.
    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 = 6.6139 Chinese yuan)

    
 (Reporting by James Regan; Editing by Joseph Radford and Sherry
Jacob-Phillips)
  
 
 

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