June 28, 2018 / 2:28 AM / 3 months ago

METALS-Shanghai metals claw back more ground after trade war sell-off

    BEIJING, June 28 (Reuters) - Shanghai base metals prices
rose for a second session on Thursday, continuing their recovery
from a sell-off triggered by trade war tensions between China
and the United States, even as Asian equities continued to be
affected.
            
    FUNDAMENTALS
    * SHFE COPPER: The most-traded August copper contract on the
Shanghai Futures Exchange was up 0.3 percent at 51,730
yuan ($7,819.40) a tonne, as of 0205 GMT. 
    * LME COPPER: Three-month copper on the London Metal
Exchange was flat at $6,692 a tonne, after closing down
0.3 percent in the previous session.
    * OTHER METALS: Shanghai lead was the biggest
gainer in the base metals complex, rising as much as 2.7 percent
as it traded higher for a fourth day, while zinc nudged
up 1.7 percent and nickel added 1.3 percent.
    * ZINC: Australia's New Century Resources is on
track to turn a giant tailings dam into the world's
fifth-biggest source of zinc as it defies doubters to make its
first shipment in August, said Patrick Walta, the mineral
processor's managing director.
    * CHINA: Profits at China's industrial firms rose sharply in
May, maintaining the previous month's sizzling pace despite
signs of slowing momentum in the world's second-largest economy
and an intensifying trade spat with the United States. 
          
    * NORILSK: Russian tycoon Oleg Deripaska got a boost on
Wednesday in a long-running battle for control of Norilsk Nickel
when a high court judge ruled fellow investor Roman Abramovich
did not have the right to sell shares in the miner to a third
businessman.
    
    * For the top stories in metals and other news, click       
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    MARKETS NEWS    
    * Asian stocks slumped to nine-month lows on Thursday on
growing worries the U.S. administration's approach to trade is
harming global economic growth even as it appeared to be
modifying its approach to curb Chinese investments in U.S.
technology firms.    
        
    DATA AHEAD (GMT)
    0600  Germany     GfK consumer sentiment July
    0900  Euro zone    Business climate June
    1200  Germany    Consumer prices June
    1230  U.S.    Revised corporate profits Q1
    1230  U.S.      Final GDP Q1
    1230  U.S.    Weekly jobless claims       
        
    PRICES    
 BASE METALS PRICES                        0205 GMT
 Three month LME copper                        6692
 Most active ShFE copper                      51730
 Three month LME aluminium                   2170.5
 Most active ShFE aluminium                   14185
 Three month LME zinc                        2878.5
 Most active ShFE zinc                        23200
 Three month LME lead                          2435
 Most active ShFE lead                        20520
 Three month LME nickel                       14910
 Most active ShFE nickel                     116560
 Three month LME tin                          19780
 Most active ShFE tin                        144520
                                                   
 BASE METALS ARBITRAGE                             
 LME/SHFE COPPER             LMESHFCUc3      163.66
 LME/SHFE ALUMINIUM          LMESHFALc3    -2514.36
 LME/SHFE ZINC               LMESHFZNc3      473.76
 LME/SHFE LEAD               LMESHFPBc3      624.52
 LME/SHFE NICKEL             LMESHFNIc3     -283.36
    
  
    ($1 = 6.6156 Chinese yuan)

    
 (Reporting by Tom Daly, Editing by Sherry Jacob-Phillips)
  
 
 
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