July 2, 2019 / 2:04 AM / 2 months ago

METALS-Nickel prices slide as bull run fades

    BEIJING, July 2 (Reuters) - Shanghai nickel prices slumped
nearly 4% in early trade on Tuesday, tracking a steep fall in
London in the previous session as investors chose to book
profits.
    The metal used to make stainless steel was the standout
performer in the base metals complex in the first half of 2019
with a gain of more than 12% in London, but is now on course to
close lower for a third straight session.    
    
    FUNDAMENTALS
    * NICKEL: The most traded August nickel contract on
the Shanghai Futures Exchange slumped as much as 3.8% to a
one-week low of 97,180 yuan ($14,172.79) a tonne and stood at
97,370 yuan as of 0159 GMT. Three-month nickel on the London
Metal Exchange was down 1.3% at $12,195 a tonne after
ending down 2.7% on Monday. 
    * COPPER: Three-month LME copper was flat at $5,953
a tonne, after ending 0.6% lower on Monday as euphoria over a
U.S.-China trade truce gave way to lingering fears over demand.
Shanghai copper slipped 1.4% to 46,620 yuan a tonne.
    * FREEPORT: Freeport-McMoRan Inc said on Monday it
expected to report a loss in the second quarter, hit by lower
gold production, weaker copper prices and higher costs, sending
the U.S. miner's shares down nearly 6%.
    * VALE: A Brazilian Senate inquiry into the collapse of a
Vale dam that killed nearly 250 people will recommend
indictments of 14 people, including Vale executives, according
to Brazil's official news service, Agencia Brasil, on Monday.

    * SECURITY: The deaths of 43 illegal miners at a Glencore
 facility in Congo last week highlighted a growing
challenge for mining companies struggling to secure sites from
small-scale prospectors digging for cobalt, copper and other
minerals.
    * ENVIRONMENT: The LME must force its brands to disclose
their impact on the environment as part of the exchange's
efforts to clean up supply chains, a letter signed by 16 NGOs
said.
    * For the top stories in metals and other news, click       
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    MARKETS NEWS    
    * Asian shares were choppy as weak global manufacturing
activity reinforced worries about slowing world growth, while
the initial enthusiasm over a Sino-U.S. trade truce gave way to
uncertainty over whether the two nations can strike a durable
deal.    
        
    DATA AHEAD (GMT)
0430    Australia    RBA Cash Rate July
0600    UK        Nationwide House Price June
1200    Brazil        Industrial Output May        
        
    PRICES    
 BASE METALS PRICES                       0200 GMT
 Three month LME copper                     5950.5
 Most active ShFE copper                     46600
 Three month LME aluminium                    1796
 Most active ShFE aluminium                  13650
 Three month LME zinc                         2459
 Most active ShFE zinc                       19590
 Three month LME lead                         1918
 Most active ShFE lead                       16230
 Three month LME nickel                      12185
 Most active ShFE nickel                     97360
 Three month LME tin                         18870
 Most active ShFE tin                       140850
                                                  
 BASE METALS ARBITRAGE                            
 LME/SHFE COPPER             LMESHFCUc3     534.17
 LME/SHFE ALUMINIUM          LMESHFALc3    -152.44
                                         
 LME/SHFE ZINC               LMESHFZNc3     151.94
 LME/SHFE LEAD               LMESHFPBc3     889.13
 LME/SHFE NICKEL             LMESHFNIc3     950.13
                                         
 ($1 = 6.8568 Chinese yuan)

    
 (Reporting by Tom Daly; Editing by Subhranshu Sahu)
  
 
 
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