(Updates prices, adds details) By Melanie Burton MELBOURNE, May 7 (Reuters) - Shanghai zinc futures rose for the first time in eight sessions, rallying more than 2 percent on Monday, on a mix of short-covering and buying by consumers of the steel-making metal that has been in a shortage for much of the past year. FUNDAMENTALS * ZINC: Shanghai Futures Exchange (ShFE) zinc rose 2.3 percent to close at 23,910 yuan ($3,756.19) per tonne. This was the first day of gains since April 23. The contract earlier fell to as low as 23,145 yuan, its lowest since August. * COPPER: ShFe copper ended flat. Weekly China exchange stocks surged by nearly 15,000 tonnes, or 6 percent, on Friday. * LME HOLIDAY: The London Metal Exchange was closed on Monday for a bank holiday. * CHINA ECONOMY: A flurry of Chinese data in coming weeks is expected to show the world's second-largest economy remained strong in April, underpinned by a pick-up in industrial output and a rebound in exports despite a trade dispute with the United States. * CHINA TRADE: Chinese state media struck an optimistic note on trade talks between Chinese and U.S. officials after U.S. President Donald Trump threatened to impose tariffs on up to $150 billion in Chinese goods over allegations of intellectual property theft. * PREMIUMS: Shanghai zinc premiums climbed by $12.50, while ShFE lead premiums rose by $10, signalling physical buyers had stepped in on the earlier price declines. <0#BASEBW-SHMET> * ALUMINIUM: Aluminium producer Alcoa Corp said on Friday that management at its Quebec smelter had notified the provincial labour ministry it is ready to resume mediated contract talks with the United Steelworkers union. * SPECULATORS: Hedge funds and money managers trimmed their net long positions in COMEX gold and copper contracts in the week to May 1, U.S. Commodity Futures Trading Commission data showed on Friday. * DRC: The government of the Democratic Republic of Congo has made no substantial concessions to major miners demanding changes to a new mining code they say will discourage investment, according to a draft document seen by Reuters on Friday. * For the top stories in metals and other news, click or MARKETS NEWS * Most Asia markets firmed on Monday after a tame reading on U.S. wages lessened the risk of faster rate hikes by the Federal Reserve, although Sino-U.S. trade tensions and a looming deadline for an Iranian nuclear deal lurked in the background. PRICES GMT 0800 GMT Three month LME copper 6845 Most active ShFE copper 51140 Three month LME aluminium 2343 Most active ShFE aluminium 14655 Three month LME zinc 3067 Most active ShFE zinc 23895 Three month LME lead 2316 Most active ShFE lead 18860 Three month LME nickel 13950 Most active ShFE nickel 104550 Three month LME tin 21231 Most active ShFE tin 147400 ($1 = 6.3655 Chinese yuan renminbi) (Reporting by Melanie Burton; Editing by Richard Pullin and Christian Schmollinger)
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