METALS-Zinc leads China metals futures higher

Fri Apr 21, 2017 7:24am GMT
 

(Adds details, updates prices)

By James Regan

SYDNEY, April 21 (Reuters) - Zinc led a near 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.

Traders said broader positive sentiment on the outlook for industrial commodities in China also pushed future contracts along.

ShFE tin was the only laggard, falling 0.47 percent.

Sharp gains in fellow steel-related commodities, such as iron ore and coking coal <DJMcv1 > on the Dalian Commodity Exchange gave zinc an added boost. Zinc is mostly used to protect steel from rusting.

In anticipation of brisk demand that typically picks up from April, China's crude steel output reached a record 72 million tonnes in March.

The most-traded zinc contract on the Shanghai Futures Exchange climbed more than 3 percent to 21,860 yuan ($3,175) a tonne.

Three-month zinc on the London Metal Exchange maintained overnight momentum, trading steady at $2,635 a tonne at 0700 GMT after posting a 3.2 percent in the last London session. * LME COPPER: Three-month copper was up 1 percent at $5,679 a tonne by 0700 GMT, matching the previous session's gain. * SHFE COPPER: Shanghai Futures Exchange copper ended up 1.3 percent at 46,030 yuan a tonne.   Continued...

  • Africa
  • US
  • Europe
  • Asia
UK £ USD =1.2795
Euro USD =1.0852
Rand USD =0.0768