April 2, 2018 / 4:59 AM / 2 years ago

METALS-Shanghai metals start Q2 with gains on weaker dollar

 (Adds closing prices)
    BEIJING, April 2 (Reuters) - Shanghai base metal prices made
a positive start to the second quarter on Monday as the dollar
slipped, making metals cheaper for holders of other currencies
and supporting prices. 
    "The second quarter should be not bad," said Xu Maili,
director of non-ferrous metal research at Everbright Futures in
Shanghai, noting that the April-June period was the peak season
for metals consumption.
    Of the five key Shanghai base metals, only nickel rose in
the first quarter, while copper and aluminium posted
double-digit losses.
    The London Metal Exchange remains closed on Monday for the
Easter holiday.
    
    FUNDAMENTALS
    * SHFE COPPER: The most-traded May copper contract on the
Shanghai Futures Exchange (ShFE) closed up 0.8 percent
at 50,390 yuan ($8,028.62) a tonne. Earlier in the session, it
touched 50,600 yuan a tonne, its highest since March 23.
    * ALUMINIUM: ShFE aluminium ended up 1.9 percent at
13,990 yuan a tonne, its highest close since March 20, bouncing
back from a 17-month low seen on Friday.
    * ALUMINIUM: China has slapped extra tariffs of up to 25
percent on 128 U.S. products including scrap aluminium, in
response to U.S. duties on imports of aluminium and steel,
China's finance ministry said.
    * USD: The dollar index, which measures the greenback
against a basket of six other major currencies, was down 0.2
percent at 89.94.
    * OTHER METALS: Nickel, used to make stainless
steel, rose 1.6 percent to 100,470 yuan a tonne, tracking a rise
in the ferrous metals complex. Zinc added 0.4 percent
and lead rose 1 percent. 
    * COPPER: China's top copper smelters on Friday cut their
minimum treatment and refining charges for copper concentrate by
10.3 percent for the second quarter of 2018, two people with
direct knowledge of the matter said.
    For the top stories in metals and other news, click       
 or     
        
    MARKETS NEWS    
    * Asian stocks began the new quarter on Monday with mild
gains following a strong performance by global equities last
week.    
    
    PRICES        
 BASE METALS PRICES                            CLOSE
 Most active ShFE copper                       50390
 Most active ShFE aluminium                    13990
 Most active ShFE zinc                         24970
 Most active ShFE lead                         18895
 Most active ShFE nickel                      100470
 Most active ShFE tin                         146100
 
($1 = 6.2763 Chinese yuan renminbi)

    
 (Reporting by Tom Daly
Editing by Aaron Sheldrick and Amrutha Gayathri)
  
 
 
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