METALS-Zinc leads lift in China metals futures

Fri Apr 21, 2017 1:58am GMT
 

SYDNEY, April 21 (Reuters) - Zinc led an across-the board rise in Shanghai base metals futures on Friday on the back of robust gains in overnight London trading and buoyant equity markets.

FUNDAMENTALS

* The most-traded zinc contract on the Shanghai Futures Exchange climbed more than 3 percent to 21,915 yuan ($3,184) a tonne.

* Three-month zinc on the London Metal Exchange was slightly weaker at $2,621 a tonne, but mostly maintaining gains from the London session, where the contract was the biggest riser with a jump of 3.2 percent.

* Indonesian workers at American mining giant Freeport McMoran Inc. will stage a month-long protest starting May 1 against layoffs, as the company ramps down production in the midst of a contract dispute with the Indonesian government.

* Diversified miner Vedanta said its 500,000 tonne aluminium smelter in the eastern state of Odisha was hit by a power outage this week that damaged over one-third of its processing capacity.

* Total aluminium production in top producer China in March rose to 2.707 million tonnes last month from 2.534 million in February, data from the International Aluminium Institute (IAI) showed on Thursday.

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