February 2, 2018 / 2:41 AM / in 10 months

METALS-Shanghai nickel climbs after rollercoaster week

    BEIJING, Feb 2 (Reuters) - Shanghai nickel rose sharply on
Friday after a rollercoaster week, tracking an overnight jump in
London prices as investors took up new long positions.
        
    FUNDAMENTALS
    * SHFE NICKEL: The most traded May nickel contract
on the Shanghai Futures Exchange (ShFE) was up 2.7 percent at
105,140 yuan ($16,741.77) a tonne at 0215 GMT, reversing three
straight days of losses. The metal, which opened up 3 percent,
is on course for a weekly gain of 1 percent. [nL8N1PR401
    * SHFE COPPER: The most-traded March copper contract on the
ShFE was down 0.2 percent at 53,050 yuan a tonne, as
the dollar edged upward. A stronger dollar makes metals more
expensive for holders of other currencies.
    * LME COPPER: Three-month copper on the London Metal
Exchange was unchanged at $7,119 a tonne, after ending
flat in the previous session.
    * CHILE: The powerful union at BHP's Escondida
copper mine, the world's largest, on Wednesday cast doubt on
chances of starting talks on a new labour agreement with the
company before formal negotiations scheduled for June.

    * ANGOLA: Australia's VDM Group said it has signed
a heads of agreement with Jiangxi Copper
regarding the latter's participation in the Cachoeiras do Binga
copper project in Angola.
    * SOUTH AFRICA: Glencore on Thursday said copper
output in 2018 should rise to nearly 1.5 million tonnes as its
Katanga mine in Democratic Republic of Congo ramps up to add
roughly 150,000 tonnes, as well as 11,600 tonnes of cobalt.

    * MADAGASCAR: Japan's Sumitomo Corp said on
Thursday it has resumed production at the Ambatovy nickel-cobalt
project in Madagascar from end-January after halting operations
earlier last month due to damages caused by cyclone.

    * BAUXITE: Guinean bauxite mining company La Guineenne des
Mines (GDM) shipped the first ore from its project in the
western Boke region on Thursday and will target exports of 2 to
4 million tonnes this year, its chief executive said.
        
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    MARKETS NEWS    
    * The euro neared multi-year peaks on Friday as talk of
policy tightening in Europe and expectations that inflation is
set to gear higher drove up borrowing costs globally.

       
        
    DATA/EVENTS
    1000  Euro zone    Producer prices Dec 
    1330  U.S.     Nonfarm payrolls Jan
    1330  U.S.      Unemployment rate Jan
    1445  U.S.       ISM-New York index Jan
    1500  U.S.      Factory orders Dec    
        
    PRICES    
    
 BASE METALS PRICES                       0208 GMT
 Three month LME copper                       7117
 Most active ShFE copper                     53050
 Three month LME aluminium                    2226
 Most active ShFE aluminium                  14370
 Three month LME zinc                         3539
 Most active ShFE zinc                       26755
 Three month LME lead                       2668.5
 Most active ShFE lead                       19665
 Three month LME nickel                      13925
 Most active ShFE nickel                    105050
 Three month LME tin                         21510
 Most active ShFE tin                       148810
                                                  
 BASE METALS ARBITRAGE                            
 LME/SHFE COPPER              LMESHFCUc3    999.38
 LME/SHFE ALUMINIUM           LMESHFALc3  -1808.05
                                          
 LME/SHFE ZINC                LMESHFZNc3     365.3
 LME/SHFE LEAD                LMESHFPBc3   -542.43
 LME/SHFE NICKEL              LMESHFNIc3   1577.47
                                          
 
($1 = 6.2801 Chinese yuan renminbi)

    
 (Reporting by Tom Daly; Editing by Joseph Radford)
  
 
 
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