November 15, 2017 / 7:39 AM / 2 years ago

METALS-Shanghai metals slide as China industrial production cools

 (Adds detail, updates prices)
    By Melanie Burton
    MELBOURNE, Nov 15 (Reuters) - Shanghai nickel and zinc
tumbled alongside steel on Wednesday, extending losses from the
previous session, as traders cut exposure to the sector
following cooling industrial production growth and property
sales in China. 
    China's economy cooled further last month, with industrial
output, fixed asset investment and retail sales missing
expectations as the government extended a crackdown on debt
risks and factory pollution.
    "The selloff appeared to be sparked by the
weaker-than-expected Chinese industrial production and fixed
asset investment data ... Both series showed a slowing of growth
in the Chinese economy," said ANZ in a report. 
    FUNDAMENTALS
    * SHFE: Shanghai Futures Exchange nickel slid by
limit down of 6 pct, as it corrects from a one-year peak hit on
Nov 6. Shfe zinc, used in galvanising, slid 3 percent.
.
    * The gains piled pressure on other metals with Shanghai
copper falling 2.2 pct and lead down 2.4
percent.
    * LME: Losses were also seen in London, with LME nickel
 giving up 1.2 percent, after careening more than 5
percent in the previous session. Zinc and lead
fell 1 percent while copper slid 0.4 percent to $6,733. 
    * REBAR: Shanghai rebar prices fell more than 4 percent at
one point as did iron ore, before it finished off the lows down
2.5 pct.  
    * TCRCS: China's top copper smelters held an unscheduled
meeting in Shanghai on Tuesday to reaffirm their position that
there will be no shortage of copper concentrate supply in 2018
as the key contract renegotiation season hots up.
    * ALUMINIUM M&A: Zhongwang USA, an investment firm backed by
a Chinese tycoon, has called off its planned acquisition of U.S.
aluminum maker Aleris Corp after failing to win U.S. government
approval, the companies said on Monday.
    * BATTERIES: Chinese battery giant Contemporary Amperex
Technology Co Ltd (CATL) is planning a $2 billion IPO in
Shenzhen, aiming to boost its financial muscle amid a global
battle for a share of the country's fast-growing electric car
market.
    * FREEPORT: An Indonesian police officer was killed and a
second wounded on Wednesday, after being shot in the back in an
area near Freeport-McMoRan Inc's giant Grasberg copper mine in
the eastern province of Papua, a police spokesman said.
        
    MARKETS NEWS    
    * Asian stocks slipped on Wednesday after weaker crude oil
prices took a toll on Wall Street, while the euro kept big gains
after enjoying a boost from robust German economic growth.

        
    PRICES    
 BASE METALS PRICES         0152 GMT                      
 Three month LME                            6742.5        
 copper                                             
 Most active ShFE                            52880        
 copper                                             
 Three month LME                              2093        
 aluminium                                          
 Most active ShFE                            15455        
 aluminium                                          
 Three month LME                              3143        
 zinc                                               
 Most active ShFE                            25140        
 zinc                                               
 Three month LME                              2462        
 lead                                               
 Most active ShFE                            18650        
 lead                                               
 Three month LME                             11730        
 nickel                                             
 Most active ShFE                            95090        
 nickel                                             
 Three month LME tin                         19365        
 Most active ShFE                           142560        
 tin                                                
                                                          
 BASE METALS ARBITRAGE                                    
 LME/SHFE COPPER      LMESHFCUc3            698.25        
 LME/SHFE ALUMINIUM   LMESHFALc3           -656.28        
 LME/SHFE ZINC        LMESHFZNc3            516.11        
 LME/SHFE LEAD        LMESHFPBc3           -992.67        
 LME/SHFE NICKEL      LMESHFNIc3           2714.25        
 

    
 (Reporting by Melanie Burton; Editing by Vyas Mohan)
  
 
 
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