April 12, 2019 / 2:13 AM / 5 months ago

METALS-Copper rises on weaker dollar, nickel drops despite supply warning

SINGAPORE, April 12 (Reuters) - London copper prices edged up on Friday amid a weaker U.S. dollar, while nickel contracts in both London and Shanghai fell despite analyst warnings of supply shortages.

The dollar was down against a basket of major currencies on Friday, making it cheaper for buyers using other currencies to purchase greenback-denominated metals.

The global nickel market will face grave supply shortages unless key Chinese-led projects in Indonesia come online in a timely manner, analysts said on Thursday.

FUNDAMENTALS

* Three-month copper on the London Metal Exchange had risen 0.2 percent to $6,417.50 a tonne by 0146 GMT, while the most active Shanghai copper contract dropped 0.5 percent to 49,170 yuan ($7,316.53) a tonne.

* London nickel fell 0.6 percent, after declining 1.9 percent in the previous session in its biggest drop in four weeks. Shanghai nickel declined 2.4 percent.

* LME nickel inventory MNISTX-TOTAL continued to hover around its lowest level since 2013, while on-warrant nickel inventory in warehouses tracked by ShFE SNI-TOTAL-D stayed around its lowest since 2015.

* Chinese electric car and battery maker BYD Co Ltd said it welcomed joint ventures to secure supply.

* Concerns about global economic slowdown weighed on other metals, with zinc and lead falling on both exchanges.

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MARKETS NEWS

* Asian shares were flat and U.S. Treasury yields pulled back as investor caution prevailed ahead of the release of first-quarter corporate earnings, although stronger U.S. economic data helped offset some concerns about global growth.

DATA/EVENTS (GMT)

0630 China Exports YY March

0630 China Imports YY March

0630 China Trade Balance March

1200 India Industrial Output Feb

1400 US U Mich Sentiment Prelim April

Spring Meetings of the World Bank Group and the

International Monetary Fund

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 = 6.7204 Chinese yuan renminbi)

Reporting by Mai Nguyen; Editing by Joseph Radford

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