METALS-Copper climbs for second day after China liquidity pledge
BEIJING, Oct 22 (Reuters) – London copper prices rose for a second session in early Asian trade on Monday, extending a rally fueled by a pledge from China’s central bank that it would support firms with liquidity problems.
FUNDAMENTALS
* LME COPPER: Three-month copper on the London Metal Exchange edged up 0.3 percent to $6,236.50 a tonne as of 0210 GMT, extending a 1 percent jump from the previous session.
* SHFE COPPER: The most-traded December copper contract on the Shanghai Futures Exchange climbed by 0.8 percent to 50,390 yuan ($7,270) a tonne.
* OTHER METALS: Nickel was the biggest gainer, tracking gains in China’s ferrous complex to rise 1.7 percent in London and 1.9 percent in Shanghai. Zinc slipped by as much as 1.8 percent in Shanghai after the ShFE on Friday reported a 23.3 percent jump in zinc inventories.
* NICKEL: The bulk of nickel moving out of London Metal Exchange-approved warehouses in Asia is showing up in hidden facilities in Europe, analysts said, denting a bullish scenario of potential shortages.
* HKEX: A Shenzhen-based commodity exchange controlled by Hong Kong Exchanges and Clearing unexpectedly began spot trading on Friday, giving the HKEX much-coveted access to mainland China’s market.
* LITHIUM: Canada’s Nutrien, whose attempt to sell its stake in Chilean lithium miner SQM to China’s Tianqi Lithium has been stalled by a row about competitive risks, vowed to “protect its interests” in an interview with a Chilean newspaper published on Sunday.
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MARKETS NEWS
* Asian share markets fell anew on Monday as investors braced for the peak of the U.S. earnings season while angst over Saudi Arabia, Italy and Brexit kept geopolitics front and center.
DATA AHEAD (GMT)
1230 U.S. National activity index Sep
PRICES
BASE METALS PRICES 0206 GMT Three month LME copper 6238 Most active ShFE copper 50420 Three month LME aluminum 2015 Most active ShFE aluminum 14165 Three month LME zinc 2630.5 Most active ShFE zinc 21870 Three month LME lead 1997 Most active ShFE lead 18375 Three month LME nickel 12655 Most active ShFE nickel 104230 Three month LME tin 19160 Most active ShFE tin 147100
BASE METALS ARBITRAGE
LME/SHFE COPPER LMESHFCUc3 -13.37 LME/SHFE ALUMINIUM LMESHFALc3 -2072.67 LME/SHFE ZINC LMESHFZNc3 117.7 LME/SHFE LEAD LMESHFPBc3 1297.08 LME/SHFE NICKEL LMESHFNIc3 932.12
($1 = 6.9311 Chinese yuan renminbi)
(Reporting by Tom Daly; editing by Richard Pullin)
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