SYDNEY, Sept 12 (Reuters) - Aluminium led Chinese metals futures higher on Tuesday amid a wave of bargain hunters buying up contracts on recent price dips as financial markets responded positively to easing of Hurricane Irma.
News that North Korea’s anniversary celebrations on the weekend passed without a new missile test also spurred renewed investment in commodities, according to traders.
“With apparent geopolitical and weather-related risks abating, investors piled back into riskier asset classes,” ANZ Bank said in a note. “This saw precious metals suffer, while industrial commodities gained.”
The most-traded aluminium contract on the Shanghai Futures Exchange rose more than 3 percent to 16,645 yuan ($2,543.16) a tonne, its highest in a week.
* LME ALUMINIUM: Three-month aluminium on the London Metal Exchange was flat at $2,120 a tonne by 0100 GMT, holding on to gains from the previous session.
* ZINC, NICKEL RISE: ShFE Zinc added 1.7 percent, while ShFE nickel was up 1.4 percent. Both metals, used in steelmaking, were benefiting from a rebound in Chinese steel prices following a 5-day losing streak.
* COPPER: ShFE copper was also modestly firmer, while LME copper slipped 0.5 percent to $6,714 a tonne
* PRICE STALLS: China’s imports of major commodities in August illustrate both why prices have gained in recent months and why this rally may be running out of steam.
* ZAMBIA COPPER SLIP: Zambia’s copper production is expected to inch lower this year, mainly due to lower output from Konkola Copper Mines, a subsidiary of London-listed Vedanta Resources , the mines ministry said on Monday.
* NICKEL BATTERIES: The rise of electric cars is spurring Sherritt International Corp to consider branching into producing the types of nickel most sought after by battery manufacturers, the chief executive of the Canadian company said.
* The London Metal Exchange last week laid out its plans for stemming a near three-year slide in trading volumes.
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* A global equity index and the S&P 500 surged to record highs on Monday, spurred by relief that Hurricane Irma weakened to a tropical storm and that North Korea’s anniversary celebrations on the weekend passed without a new missile test.
DATA AHEAD (GMT) 0830 Britain Consumer prices Aug 1000 U.S. NFIB business optimism Aug
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 = 6.5254 Chinese yuan)
Reporting by James Regan; Editing by Biju Dwarakanath