February 6, 2018 / 2:12 AM / a year ago

METALS-Metals buckle as 'risk off', strong dollar bite

    MELBOURNE, Feb 6 (Reuters) - London nickel fell three
percent on Tuesday, leading the base metals complex towards late
January lows as "risk off" sentiment soured sharemarkets and
safe-haven buying lifted the dollar. 
    * COPPER: London Metal Exchange copper slid 1.4
percent to $7067.50 a tonne by 0145 GMT, paring 1.8 percent
gains from the previous session and still holding above the
$7,000 mark that has acted as a price floor for most of the
year. Shanghai Futures Exchange copper erased overnight
gains to slip 0.2 percent to 52,940 yuan ($8,423) a tonne.
    * OTHER METALS: LME nickel fell by 3 percent to
$13,335. Any break of support at Friday's low of $13,185 would
take prices back to Jan. 24 lows. Prices reached 2-1/2 year
peaks in January above $14,000 a tonne. Other metals fell
between 1 percent and 2 percent. 
    * CHINA IMPORTS: Traders have noted that the import window
for copper into China is open, potentially supporting prices,
however one saw limited inflows given traders will not want to
risk holding stock over the Lunar New Year holidays which start
Feb. 15.
    * ALUMINIUM: Russian aluminium giant Rusal plans
to boost the share of value-added products (VAP) to 50-52
percent of total aluminium sales this year from 47 percent in
2017 because of strong demand and its new VAP capacity, it said
on Monday.
    * DRC: Mining companies operating in Democratic Republic of
Congo are mounting a coordinated campaign against a new mining
code they say will stifle investment there, Randgold's
chief executive told Reuters.
    * DOLLAR: The dollar stood tall on Tuesday as a rout in
global equities prompted anxious investors to seek shelter in
the relative safety of the greenback. A stronger dollar hits
demand for commodities by making them more expensive for buyers
who pay with other currencies.
    * For the top stories in metals and other news, click       
    * Asian shares were set to fall sharply on Tuesday after
Wall Street suffered its biggest decline since 2011 as
investors' faith in factors underpinning a bull run in markets
began to crumble.    
   0700  Germany Industrial orders            Dec
   1330  U.S. International trade         Dec    
   PRICES AT    0142 GMT
 Three month LME copper                       7067
 Most active ShFE                            52920
 Three month LME                              2187
 Most active ShFE                            14265
 Three month LME zinc                       3489.5
 Most active ShFE zinc                       26655
 Three month LME lead                       2616.5
 Most active ShFE lead                       19430
 Three month LME nickel                      13350
 Most active ShFE                           101230
 Three month LME tin                         21600
 Most active ShFE tin                       149900
 BASE METALS ARBITRAGE                            
 LME/SHFE COPPER          LMESHFCUc3       1148.67
 LME/SHFE ALUMINIUM       LMESHFALc3      -1689.15
 LME/SHFE ZINC            LMESHFZNc3        544.03
 LME/SHFE LEAD            LMESHFPBc3       -425.26
 LME/SHFE NICKEL          LMESHFNIc3       1599.63

($1 = 6.2850 Chinese yuan renminbi)

 (Reporting by Melanie Burton; editing by Richard Pullin)
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