November 1, 2016 / 1:38 AM / 3 years ago

METALS-Zinc up for fourth day on supply woes, copper near 1-month high

SINGAPORE, Nov 1 (Reuters) - London zinc rose for a fourth consecutive session on Tuesday, trading near its highest in five years on expectations of tight supplies after Glencore said it had closed one of its mines in Australia.

Copper traded near its highest in a month, supported by improved demand outlook in China.

FUNDAMENTALS

* The benchmark zinc contract on the London Metal Exchange was up 0.1 percent to $2,461 a tonne by 0118 GMT. The market touched its highest since August 2011 at $2,479.50 on Monday.

* Shanghai zinc added 3.2 percent to 19,860 yuan a tonne.

* Glencore’s Black Star Open Cut mine in Queensland, part of the Mount Isa Mines complex, has been put on care and maintenance after mining out its existing reserve, the company said in a statement on Monday.

* Goldman Sachs said in a note last week that it expected zinc to outperform aluminium and copper over the next six to nine months.

* Analysts say copper prices have been supported by stimulus packages in top consumer China.

* China accounts for nearly half of global copper demand estimated at around 22 million tonnes this year. Chinese consumers are expected to import more over the coming months due to stronger local demand.

* LME copper added 0.2 percent to $4,863 a tonne, extending gains for a seventh straight session. The most-traded copper contract on the Shanghai Futures Exchange added 0.5 percent to $38,600 yuan a tonne.

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MARKETS NEWS

* Asian stocks wallowed near six-week lows on Tuesday as investors braced for a looming raft of economic and central bank events.

DATA/EVENTS 1255 U.S. Redbook weekly 1345 U.S. Markit Mfg PMI Final Oct 1400 U.S. Construction Spending Sept 1400 U.S. ISM Manufacturing PMI Oct 1730 U.S. U.S. Domestic Car, Truck Sales Oct

PRICES

Three month LME copper

Most active ShFE copper

Three month LME aluminium

Most active ShFE aluminium

Three month LME zinc

Most active ShFE zinc

Three month LME lead

Most active ShFE lead

Three month LME nickel

Most active ShFE nickel

Three month LME tin

Most active ShFE tin (Reporting by Naveen Thukral; Editing by Amrutha Gayathri)

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