September 10, 2019 / 2:29 AM / 9 days ago

METALS-Shanghai nickel jumps ahead of key Indonesia meet

    BEIJING, Sept 10 (Reuters) - Shanghai nickel rose sharply in
early trade on Tuesday as fears of a supply shortage persisted
after top miner Indonesia expedited a ban on nickel ore exports,
while market participants awaited clues from a key conference on
the metal in Jakarta. 
    Traders of the metal used to make stainless steel and
electric vehicle batteries have started arriving in Indonesia,
which will ban nickel ore exports from January 2020, for the
Asian Nickel conference on Wednesday and Thursday.    
    
    FUNDAMENTALS
    * NICKEL: The most-traded November nickel contract on the
Shanghai Futures Exchange rose as much as 3.4%
overnight and was up 2.6% at 143,940 yuan ($20,221.97) a tonne
as of 0225 GMT. Three-month London nickel climbed for a
third session, rising 0.4% to $18,120 a tonne after closing up
2.1% on Monday.  
    * COPPER: LME copper gained 0.3% to $5,832 a tonne
after two days of modest declines despite weak economic data
from top consumer China, while ShFE copper was flat at
47,410 yuan a tonne. 
    * CHINA: Factory gate prices contracted for a second month
in August and at a sharper rate. The producer price index (PPI),
a key barometer of corporate profitability, dropped 0.8% from
year earlier, the National Bureau of Statistics said, the worst
year-on-year contraction since August 2016.
    * LEAD: Henan Yuguang Gold and Lead, China's top
lead producer, has cut refined lead production by 30% since
Sept. 5 to carry out maintenance on one of its smelting lines,
according to a company official.
    * LEAD SPREAD: The premium of cash LME lead over the
three-month contract CMPB0-3 stood at $13.50 a tonne on
Monday, versus a discount of $9.50 at the start of the month,
indicating tightening supply.
    * COLUMN: Copper last week hit a year-to-date low of $5,518
per tonne in the London market as the macroeconomic picture
becomes ever gloomier.
    * For the top stories in metals and other news, click       
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    MARKETS NEWS    
    * Bond prices edged lower on Tuesday after German bund
yields hit a one-month high following a report by Reuters that
Germany is considering a "shadow budget" to allow the government
to circumvent its strict national debt rules.    
        
    DATA AHEAD (GMT)
0830   UK      Claimant Count Unem Chng Aug
0830   UK      ILO Unemployment Rate    July        
        
    PRICES        
 BASE METALS PRICES                      0225 GMT
 Three month LME copper                      5832
 Most active ShFE copper                    47410
 Three month LME aluminium                   1799
 Most active ShFE aluminium                 14355
 Three month LME zinc                        2313
 Most active ShFE zinc                      18985
 Three month LME lead                        2095
 Most active ShFE lead                      17460
 Three month LME nickel                     18120
 Most active ShFE nickel                   143920
 Three month LME tin                        17235
 Most active ShFE tin                      139840
                                                 
 BASE METALS ARBITRAGE                           
 LME/SHFE COPPER             LMESHFCUc3    537.24
 LME/SHFE ALUMINIUM          LMESHFALc3   -126.51
                                         
 LME/SHFE ZINC               LMESHFZNc3    187.22
 LME/SHFE LEAD               LMESHFPBc3   -181.11
 LME/SHFE NICKEL             LMESHFNIc3  -4624.25
                                         
 ($1 = 7.1180 Chinese yuan)

 (Reporting by Tom Daly; Editing by Subhranshu Sahu)
  
 
 
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