November 12, 2018 / 2:23 AM / a year ago

METALS-Nickel drops for 3rd session to 11-mth low on strong dollar

SINGAPORE, Nov 12 (Reuters) - Nickel prices on both the London and Shanghai exchanges fell on Monday to near 11-month lows due to pressure from a strong U.S. dollar and concerns over economic growth in China.


* Three-month nickel on the London Metal Exchange fell 0.5 percent to $11,415 a tonne by 0143 GMT, after earlier hitting its lowest since mid-December at $11,360 a tonne.

* The dollar built on last week's gains and rose towards a 16-month high on Monday as traders expect the U.S. Federal Reserve to keep tightening monetary policy.

* The stronger U.S. currency makes dollar-denominated metals more expensive for buyers paying in other currencies.

* Macroeconomic concerns such as U.S.-China trade tensions have been weighing on industrial metals. Nickel is used mainly in steelmaking.

* The most-traded nickel contract on the Shanghai Futures Exchange dropped as much as 3 percent to 94,080 yuan ($13,537.27) a tonne, its lowest since December 27.

* London's three-month copper futures edged up 0.2 to $6,066.5 a tonne, while aluminium rose 0.4 percent.

* China's northern province of Hebei, China's top steel producer, asked 10 major cities and Xiongan new district in the region to issue an orange smog alert, the local government said in a statement on Monday.

* Under an orange alert, the second-highest warning behind red in China's four-tier system, steel mills must halve their output, while coal-fired power utilities must operate at "minimum" levels [nL4N1XN1FV ]

* The United States said on Friday it was postponing the enforcement of sanctions on Russia's Rusal, the world's second-top producer for nearly four weeks until Dec. 12 as their top shareholder works on a plan to cut his stakes.

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


* Asian shares fell on Monday, extending weakness in global equity markets at the end of last week as soft Chinese economic data and falling oil prices rekindled anxiety about the outlook for world growth.


0900 Italy Industrial output Sep


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 = 6.9497 Chinese yuan renminbi)

Reporting by Mai Nguyen; editing by Richard Pullin

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