November 2, 2017 / 5:10 AM / 3 years ago

METALS-Shanghai nickel surges to highest close in over two years

 (Adds Shanghai closing prices)
    MELBOURNE/BEIJING, Nov 2 (Reuters) - Shanghai nickel soared
by another 5.4 percent to mark its highest close in more than
two years on Thursday, tracking an earlier rise in London nickel
on expectations of new demand from electric vehicles (EVs).
    Battery makers are increasingly turning to nickel to help
power growing global electric car sales, analysts and executives
    Celia Wang, a nickel analyst at Grandflow Resources in
Shanghai, said the rally was due to positive sentiment on demand
for the metal at the LME Week conference in London.     
    "All traders think the EV story will bring a bright future
for nickel, especially funds," she said.
    * NICKEL: Shanghai nickel, which had jumped by its
6 percent limit on Wednesday, rallied further to finish at
101,450 yuan ($15,374.94) a tonne, its highest close since June
2015. LME nickel, which had hit its own highest in more
than two years above $13,000 a tonne on Wednesday, was down 0.2
pct at $12,765 a tonne at 0704 GMT.
    * POSITIONS: Futures brokerages increased their net long
positions on the Shfe nickel contract for delivery in January by
almost 20,000 lots on Thursday, according to Shfe data.
    * LME: London Metal Exchange copper was down 0.1
percent at $6,922 a tonne, after a 1.3 percent gain on
Wednesday. Zinc was down 0.8 percent, lead down
0.5 percent and aluminium slipped by 0.2 percent, each
taking a breather after recent gains.
    * SHFE: Shanghai Futures Exchange copper closed
down 0.3 percent. Shfe zinc ended down 1.3 percent and
aluminium fell by 0.9 percent. 
    * US FACTORY: A measure of U.S. factory activity retreated
from a 13-1/2-year high in October as some of the boost from
hurricane-related supply disruptions faded, but continued to
point to strengthening manufacturing conditions.
    * NAFTA: The current state of talks to update the NAFTA
trade pact is creating uncertainty among businesses and could
hurt investments and growth, Rio Tinto Aluminium chief
executive Alf Barrios said on Wednesday.
    * POLLUTION: China needs to improve law enforcement and make
polluters pay to treat billions of tonnes of rural, industrial
and household waste, the country's top legislator said in a
report to parliament late on Wednesday.
    * For the top stories in metals and other news, click       
    * Asian shares touched a 10-year high on Thursday after the
U.S. Federal Reserve expressed optimism about the economy,
virtually cementing the case for a year-end rate hike as
investors awaited the formal nomination of the next head of the
central bank.
 BASE METALS                   0704
 PRICES                         GMT
 Three month                   6922
 LME copper                  
 Most active                  54030
 ShFE copper                 
 Three month                 2182.5
 LME aluminium               
 Most active                  16150
 ShFE aluminium              
 Three month                   3249
 LME zinc                    
 Most active                  25845
 ShFE zinc                   
 Three month                 2468.5
 LME lead                    
 Most active                  18700
 ShFE lead                   
 Three month                  12765
 LME nickel                  
 Most active                 101450
 ShFE nickel                 
 Three                        19505
 month LME tin               
 Most active                 144080
 ShFE tin                    
 LME/SHFE        LMESHFCUc3  650.76
 LME/SHFE        LMESHFALc3  -515.0
 ALUMINIUM                        7
 LME/SHFE        LMESHFNIc3  1652.5
 NICKEL                           2
 (Reporting by Melanie Burton and Tom Daly in BEIJING; Editing
by Subhranshu Sahu and Sunil Nair)
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