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METALS-China futures up on bargain hunting, Irma relief
September 12, 2017 / 7:28 AM / 7 days ago

METALS-China futures up on bargain hunting, Irma relief

(Updates prices)

By James Regan

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 ended 3 percent higher at 16,610 yuan ($2,541.93) a tonne, hitting its highest in a week in the morning session.

* LME ALUMINIUM: Three-month aluminium on the London Metal Exchange was flat at $2,125 a tonne by 0700 GMT, holding on to gains from the previous session.

* ZINC, NICKEL RISE: ShFE Zinc added 2.4 percent, while ShFE nickel ended up 1.7 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 0.3 percent to $6,725 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.

PRICES

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 = 6.5344 Chinese yuan renminbi)

Reporting by James Regan; Editing by Biju Dwarakanath

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