October 28, 2019 / 2:19 AM / 7 months ago

METALS-London zinc climbs for 4th day as inventories slide

    BEIJING, Oct 28 (Reuters) - Zinc prices rose on the London
Metal Exchange in early Asian trade on Monday, setting the metal
used to galvanise steel on course for a fourth straight day of
gains as investors worried about inventories at a 12-year low.
    The global metals industry is gathering in London this week
for the annual LME Week event.
    * ZINC: Three-month zinc on the London Metal Exchange
 rose as much as 0.4% to $2,519 a tonne and stood at
$2,518 as of 0204 GMT. The most traded zinc contract on the
Shanghai Futures Exchange rose as much as 2% to a
two-week high of 19,165 yuan ($2,712.78) a tonne.
    * ZINC STOCKS: Zinc inventories in LME-registered warehouses
MZNSTX-TOTAL fell to 58,525 tonnes, their lowest since October
2007 after sliding by half this year.
    * COPPER: LME copper eased by 0.2% to $5,912.50 a
tonne after hitting $5,924 on Friday, the highest since Sept.
16, on concerns over supply disruption in top producer Chile.
ShFE copper gained as much as 0.7% to 46,670 yuan a tonne on
Monday, also the highest since Sept. 16.
    * CHILE: As many as a million Chileans protested peacefully
late into the evening on Friday in the capital Santiago, in the
biggest rallies yet since violence broke out a week ago over
entrenched inequality.
    * LITHIUM: Protesters from indigenous communities around
Chile's Atacama salt flats have blocked access to lithium
operations amid nationwide rallies over inequality, a local
leader said.
    * TRADE: U.S. and Chinese officials are "close to
finalizing" some parts of a trade agreement after high-level
telephone discussions on Friday, the U.S. Trade Representative's
office and China's Commerce Ministry said.
    * CHINA: Profits at China's industrial firms contracted for
the second straight month in September as producer prices
continued their slide.
    * SCRAP: Shares of metals and electronics recycler Sims
Metal Management Ltd plunged 15.5% to their lowest
since Aug 2016, after the company cited weakness in scrap
prices, a slowing global economy and unsold UK inventory as
reasons behind a poor outlook.
    * For the top stories in metals and other news, click       
    * Asian shares rose on Monday to a three-month high as risk
assets got a fillip from hopes of a U.S.-China trade deal as
soon as next month while the dollar marked time as focus shifts
to a U.S. rate decision.    
0800  EU  Money-M3 Annual Growth   Sept
1100  UK  CBI Distributive Trades  Oct        
 BASE METALS PRICES                        0204 GMT
 Three month LME copper                      5913.5
 Most active ShFE copper                      47440
 Three month LME aluminium                   1730.5
 Most active ShFE aluminium                   13830
 Three month LME zinc                          2518
 Most active ShFE zinc                        19085
 Three month LME lead                        2215.5
 Most active ShFE lead                        16765
 Three month LME nickel                       16770
 Most active ShFE nickel                     132920
 Three month LME tin                          16780
 Most active ShFE tin                        139000
 BASE METALS ARBITRAGE                             
 LME/SHFE COPPER              LMESHFCUc3      340.1
 LME/SHFE ALUMINIUM           LMESHFALc3     -11.56
 LME/SHFE ZINC                LMESHFZNc3   -1221.03
 LME/SHFE LEAD                LMESHFPBc3   -1490.79
 LME/SHFE NICKEL              LMESHFNIc3   -5921.86
 ($1 = 7.0647 Chinese yuan renminbi)

 (Reporting by Tom Daly)
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below