May 7, 2018 / 8:33 AM / 19 days ago

METALS--Shanghai zinc rises for first session in eight as consumers buy

 (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       
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    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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