May 29, 2018 / 2:34 AM / 5 months ago

METALS-Shanghai nickel continues rise as investors go long

    BEIJING, May 29 (Reuters) - Nickel prices rose sharply on
Tuesday in Shanghai, where investors continued to pile into the
metal, and in London, where trading resumed after a U.K. public
holiday on Monday. 
    Long positions held by brokerages on the Shanghai Futures
Exchange's (ShFE) July nickel contract increased by around 5,000
lots to 117,911 lots on Monday, according to exchange data. 
        
    FUNDAMENTALS
    * NICKEL: The most-traded July nickel contract on the ShFE
 rose as much as 2.4 percent to 112,500 yuan 
($17,558.37) a tonne, its highest since June 2015. Shanghai
nickel is up by around 7.9 percent so far this month.
    * NICKEL: Three-month nickel on the London Metal Exchange
 was up 1.1 percent at $14,940 a tonne by 0226 GMT.
    * COPPER: London copper edged down 0.2 percent to
$6,874.50 a tonne as the dollar index gained, making
metals more expensive for holders of other currencies. Shanghai
copper edged up 0.3 percent.
    * SHFE: Major state copper and aluminium producers were
among the companies that traded almost half a billion yuan of
metal on the ShFE's new physical trading platform on its debut
on Monday, the exchange said.
    * ALUMINIUM: China's state-owned Chinalco is set to close
the gap on privately run China Hongqiao Group, the
world's top aluminium producer, after sealing a deal with the
Yunnan government that gives it access to more smelting
capacity.
    * LITHIUM: Australian lithium miner Galaxy Resources Ltd
GXY.AX agreed on Tuesday to sell a package of mining tenements
in Argentina to South Korean steelmaker POSCO 005490.KS for $280
million.
    
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    MARKETS NEWS    
    * U.S. stock futures ticked higher on Tuesday as officials
sought to revive what would be a historic meeting between
President Donald Trump and his North Korean counterpart, while
the euro hovered near 6-1/2 month lows and oil sank.
   
        
    DATA AHEAD (GMT)
    0645  France    Consumer confidence May
    0800  Euro zone Lending and money supply Apr
    1300  U.S.    S&P/Case-Shiller housing index Mar
    1400  U.S.      Consumer confidence May
        
    PRICES        
 BASE METALS PRICES                        0230 GMT
 Three month LME copper                      6874.5
 Most active ShFE copper                      51650
 Three month LME aluminium                     2270
 Most active ShFE aluminium                   14760
 Three month LME zinc                        3078.5
 Most active ShFE zinc                        24080
 Three month LME lead                        2450.5
 Most active ShFE lead                        19945
 Three month LME nickel                       14955
 Most active ShFE nickel                     112470
 Three month LME tin                          20770
 Most active ShFE tin                        152560
                                                   
 BASE METALS ARBITRAGE                             
 LME/SHFE COPPER              LMESHFCUc3     329.59
 LME/SHFE ALUMINIUM           LMESHFALc3   -2155.07
 LME/SHFE ZINC                LMESHFZNc3     577.42
 LME/SHFE LEAD                LMESHFPBc3     554.57
 LME/SHFE NICKEL              LMESHFNIc3   -2086.08
 
($1 = 6.4072 Chinese yuan)

    
 (Reporting by Tom Daly; Editing by Sunil Nair)
  
 
 
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