April 17, 2019 / 2:08 AM / a month ago

METALS-Shanghai zinc hits 3-week low in line with London

    SINGAPORE, April 17 (Reuters) - The most active zinc
contract on the Shanghai Futures Exchange (ShFE)         
slipped to its lowest in three weeks on Wednesday, tracking a
decline in London markets.
    The zinc contract in Shanghai was down 1.8 percent at 21,845
yuan ($3,255.69) a tonne, as of 0206 GMT, after slipping to
21,715 yuan a tonne earlier in the session, while the benchmark
zinc in London         rebounded 0.5 percent.
    Benchmark zinc ended 3.1 percent weaker in the previous
session, its biggest daily fall since August, as a big inflow
into the London Metal Exchange (LME) warehouses fanned
expectations that a supply deficit would soon end.             
    "Zinc was under pressure for the second day in a row after
another surge in inventories on the LME. This saw zinc futures
fall over 3 percent and break below a strong upward channel it
has been trading this year," said ANZ in a note.
    Other base metals treaded water, as cautious investors eyed
data on first-quarter economic growth in China, which is to be
released later in the day.
    FUNDAMENTALS
    * Three-month copper on the London Metal Exchange        
rose 0.3 percent to $6,512 a tonne, while most-traded copper
contract on the Shanghai Futures Exchange          edged up 0.3
percent.
    * A railway that carries zinc from major producers such as
Glencore         , MMG Ltd           and South 32         
across Australia's Outback is expected to reopen this month
after it was damaged in floods.             
    * For the top stories in metals and other news, click       
          or             
        
    MARKETS NEWS    
    * Asian share markets got off to a guarded start as
investors waited anxiously for a raft of Chinese data that might
show policy stimulus is finally gaining traction in the world's
second-largest economy.                
        
    DATA/EVENTS
    0200    China    Urban Investment (ytd) YY     March
    0200    China    Industrial Output YY          March
    0200    China    Retail Sales YY               March
    0200    China    GDP YY                        Q1
    0830    UK       CPI YY                        March
    0900    EU       HICP Final MM YY              March
    1230    US       International Trade           Feb
    1300    Russia   Unemployment Rate             March       
    1800    Federal Reserve issues the Beige Book of economic 
    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 = 6.7098 Chinese yuan)

    
 (Reporting by Mai Nguyen, Editing by Sherry Jacob-Phillips)
  
 
 
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