BEIJING, March 4 (Reuters) - China’s nickel futures rose more than 2 percent on Monday alongside steel prices on expectations of tight supply in the market and firm restocking demand at steel mills.
“In the short term the market supply will remain tight as steel mills are actively replenishing their stocks amid rising stainless steel prices,” analysts from CITIC Futures said in a note in Mandarin.
* NICKEL: The most-traded nickel contract on the Shanghai Futures Exchange was 1.1 percent higher at 104,300 yuan ($15,556) a tonne as of 0122 GMT. Nickel rose rose as high as 105,480 yuan, up 2.3 pct, during early trade.
* COPPER: Copper prices edged down 0.2 percent to 50,190 yuan a tonne.
* TRADE: Hopes that the U.S and China are close to a trade deal after a bitter year-long tariff dispute helped boost risk sentiment, with Asian shares, oil prices and the yuan all gaining.
* DELAY: The United States Trade Representative’s office (USTR) has released language to delay a scheduled hike in tariffs on $200 billion worth of Chinese goods, due to be published in the Federal Register next week.
* IRONORE: Chinese steel mills are slowing iron ore purchases and seeking cheaper alternatives to Australian supplies after a steep run-up in prices in February.
* VALE: Brazilian iron ore miner Vale SA Chief Executive Fabio Schvartsman and several other senior executives resigned on Saturday in what the company described as a temporary move, after one of its mining dams burst in January, killing hundreds.
* GLENCORE: Glencore said trade barriers are its “foremost risk”, but climate, political, legal and other potential dangers have become more pressing for the mining and trading group.
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* U.S. stock futures jumped on Monday on reports the United States and China were close to striking a trade deal after a year-long tariff skirmish while the dollar eased as traders wagered Federal Reserve policy will remain accommodative.
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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 = 6.7048 Chinese yuan renminbi) (Reporting by Muyu Xu and Dominique Patton; editing by Richard Pullin)