May 28, 2019 / 1:49 AM / in 24 days

METALS-Zinc prices jump on tightening stocks

    BEIJING, May 28 (Reuters) - Zinc prices rose sharply in
London and Shanghai in early trade on Tuesday, as investors
worried about dwindling inventories of the metal used to
galvanise steel.
    The London Metal Exchange reopened on Tuesday after the
Spring bank holiday in the United Kingdom on Monday, which was
also the Memorial Day holiday in the United States.
        
    FUNDAMENTALS
    * ZINC: Three-month LME zinc rose as much as 1.5% to
$2,599 a tonne and stood at $2,580 as of 0132 GMT. The
most-traded July zinc contract on the Shanghai Futures Exchange
 climbed as much as 2.4% to 20,795 yuan ($3,014.95) a
tonne, its highest since April 4.
    * STOCKS: ShFE zinc stocks ZN-STX-SGH fell by 18.1% from
the previous week to 56,320 tonnes, according to data released
by the bourse on Friday. LME zinc inventories MZN-STOCKS fell
for five straight days last week and stand at 102,600
tonnes.   
    * SPREADS: The premium of cash LME zinc over the three-month
contract CMZN0-3 hit $161 a tonne on Friday, the highest in 22
years, indicating tight near-term supply.
    * COPPER: LME copper rose 0.7% to $5,995 a tonne,
while ShFE copper edged up 0.2% to 47,250 yuan a tonne.
    * COPPER: The head of state-run miner Codelco, the world's
largest copper producer, said Chile's mining industry was
increasingly held back by new environmental regulations and the
low productivity of Chilean workers, local daily La Tercera
reported on Monday.   
    * COPPER: China's Yanggu Xiangguang Copper Co has restarted
its 400,000 tonne per year copper smelter in Shandong province
after an overhaul that lasted about 50 days, a company official
said on Monday.
    * ZAMBIA: Vedanta Resources is open to dialogue
with the Zambian government but will defend its legal rights and
opposes the appointment of a provisional liquidator at its
Konkola Copper Mines business, the company's CEO said on Monday.
    
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    MARKETS NEWS    
    * Asian shares tracked European gains, as relief over EU
election results eased concerns about political difficulties in
the bloc and merger news supported auto shares, although
persistent concerns about trade capped regional sentiment.
    
        
    PRICES           
 BASE METALS PRICES                           0130 GMT
 Three month LME copper                           5997
 Most active ShFE copper                         47250
 Three month LME aluminium                        1808
 Most active ShFE aluminium                      14295
 Three month LME zinc                           2583.5
 Most active ShFE zinc                           20705
 Three month LME lead                           1815.5
 Most active ShFE lead                           16055
 Three month LME nickel                          12420
 Most active ShFE nickel                        100720
 Three month LME tin                                 0
 Most active ShFE tin                           145860
                                                      
 BASE METALS ARBITRAGE                                
 LME/SHFE COPPER              LMESHFCUc3        516.15
 LME/SHFE ALUMINIUM           LMESHFALc3        153.37
                                          
 LME/SHFE ZINC                LMESHFZNc3        -33.61
 LME/SHFE LEAD                LMESHFPBc3       1393.11
 LME/SHFE NICKEL              LMESHFNIc3       1742.87
                                          
 
    


($1 = 6.8973 Chinese yuan renminbi)

    
 (Reporting by Tom Daly; Editing by Rashmi Aich)
  
 
 
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