January 30, 2019 / 2:37 AM / a year ago

METALS-Nickel hits 3-mth peak, tracks ferrous metal prices higher

    BEIJING, Jan 30 (Reuters) - Nickel prices hit their
strongest in around three months on Wednesday, as the commodity
used to make stainless steel tracked ferrous metals higher.
    Chinese iron ore prices were 'limit up' on the
Dalian Commodity Exchange, while Shanghai steel prices
also gained sharply amid expectations of lower output from
Brazilian miner Vale after a dam burst at one of its sites,
killing scores of workers and nearby residents. 
    * NICKEL: Three-month nickel on the London Metal Exchange
 climbed as much as 1.2 percent to $12,270 a tonne, its
highest since Oct. 25, and stood at $12,245 as of 0227 GMT. The
most traded May nickel contract on the Shanghai Futures Exchange
 rose as much as 2.4 percent to 97,250 yuan ($14,478.19)
a tonne, its strongest since Nov. 9. 
    * VALE: The world's largest iron ore miner on Tuesday vowed
to take as much as 10 percent of its ore output offline in order
to decommission 10 more dams like the one that burst last week.

    * COPPER: London copper edged up 0.4 percent to
$6,074.50 a tonne, buoyed by a slightly weaker dollar,
while ShFE copper was up 0.5 percent.
    * KGHM: The number of miners missing after an earth tremor
struck KGHM Polska Miedz's mine near the Polish town of
Rudna fell to one from nine, the copper producer said on Twitter
on Tuesday.
    * OYU TOLGOI: Mongolia is working with overseas
investigators to look into claims of corruption at its giant Oyu
Tolgoi copper mine, the country's anti-graft body said on
    * RUSAL: U.S. congressional Democrats said they are not
satisfied with the Trump administration's decision to ease
sanctions on companies linked to Russian oligarch Oleg
Deripaska, demanding briefings and planning legislation.

    * REUTERS POLL: Copper and other base metals prices will
recover only modestly this year as an economic slowdown in top
metals consumer China subdues demand, a Reuters poll showed.

    * For the top stories in metals and other news, click       
    * U.S. stock futures and Asian equities eked out modest
gains as investors seized on Apple Inc's earnings and
comments from its chief that U.S.-China trade tensions were
1900    Federal Reserve's Federal Open Market Committee (FOMC)
announces its decision on interest rates followed by statement  
 BASE METALS PRICES                           0228 GMT
 Three month LME copper                         6074.5
 Most active ShFE copper                         47740
 Three month LME aluminium                      1891.5
 Most active ShFE aluminium                      13470
 Three month LME zinc                           2660.5
 Most active ShFE zinc                           21690
 Three month LME lead                             2075
 Most active ShFE lead                           17515
 Three month LME nickel                          12255
 Most active ShFE nickel                         97210
 Three month LME tin                             20670
 Most active ShFE tin                           148110
 BASE METALS ARBITRAGE                                
 LME/SHFE COPPER             LMESHFCUc3         388.15
 LME/SHFE ALUMINIUM          LMESHFALc3       -1240.68
 LME/SHFE ZINC               LMESHFZNc3         435.89
 LME/SHFE LEAD               LMESHFPBc3         758.14
 LME/SHFE NICKEL             LMESHFNIc3        1029.35
 ($1 = 6.7170 Chinese yuan renminbi)

 (Reporting by Tom Daly; Editing by Joseph Radford)
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