November 15, 2017 / 2:09 AM / in 10 days

METALS-Shanghai metals tumble on cooling China industrial production

    MELBOURNE, Nov 15 (Reuters) - Shanghai nickel and zinc
tumbled alongside steel on Wednesday, extending losses from the
previous session, in the wake of slowing industrial production
growth in China. 
    "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
    * 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.
    * 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 as did
its sister metal lead.
    * The gains piled pressure on other metals with Shanghai
copper falling 2.5 pct and aluminium down 0.7
percent.
    * LME: Similar losses were seen in London, with LME nickel
 falling nearly 1 percent, following losses of more than
5 percent in the previous session. Other metals fell around half
a percent. LME copper slipped 0.2 pct to $6,746 a tonne.
 
    * 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.
    * EURO ECONOMY: The euro zone's annual economic growth rate
outstripped that of the United States in the third quarter,
setting up 2017 as the best year for the currency area since
financial markets crashed a decade ago.
    * 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.
    * REBAR: Shanghai rebar prices fell more than 4 percent. 
    * For the top stories in metals and other news, click       
 or     
        
    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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