September 11, 2017 / 1:51 AM / in 2 months

METALS-Nickel leads across-the-board fall in Chinese metals

SYDNEY, Sept 11 (Reuters) - Nickel led an across-the-board decline in Chinese base metals futures on Monday, pressured by last week’s selloff in London contracts amid profit taking and a flat outlook for China’s coppe demand.

London nickel and copper were also lower, extending Friday’s hefty losses.

“We’re seeing some immediate follow-through selling, some on profit taking, from late last week,” a commodities trader in Sydney said.

London nickel hit its highest in more than two years last week, boosted by Philippines President Rodrigo Duterte’s anti-mining stance that was raising concerns over supply, and new demand for the metal to make electric vehicle batteries. Still, stocks of refined metal remain bloated, traders said.

FUNDAMENTALS

* NICKEL FALLS: The most-traded nickel contract on the Shanghai Futures Exchange was down 5.1 percent to 89,750 yuan ($13,856.08) a tonne.

* LME NICKEL: Three-month nickel on the London Metal Exchange had dropped 0.6 to $11,510 a tonne by 0100 GMT after falling 4.7 percent on Friday.

* STEEL DOWN: Prices for steel rebar, an indicator of nickel demand, were 1.6 percent lower.

* COPPER: LME three-month copper was mostly flat at $6,688 a tonne following a 3 percent fall on Friday. Shanghai copper was off more than 2 percent.

* MINING “CRISIS”: South Africa’s mining industry is in “crisis” and its companies have lost confidence in the mining minister, whose sowing of policy uncertainty has led to a freeze on new investment, the chief executive of its Chamber of Mines said on Friday.

* TIN COLUMN: The core mission of the London Metal Exchange (LME) is to provide pricing, risk management and terminal market services to the global physical metals industry”. A statement of the obvious, maybe?

* ONLY GOLD: Russia’s precious metals and gems repository Gokhran has been buying only gold for its reserves this year, its head Andrey Yurin told reporters in Moscow on Friday.

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MARKETS NEWS

* The U.S. dollar won a reprieve from risk aversion on Monday after North Korean dictator Kim Jong Un decided to hold a party over the weekend rather than launch another missile, tempering safe havens like the yen and Treasuries.

DATA/EVENTS

No events scheduled

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

ARBS ($1 = 6.4773 Chinese yuan renminbi)

Reporting by James Regan; Editing by Richard Pullin

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