August 9, 2019 / 5:35 AM / 10 months ago

METALS-London nickel eases from 16-month peak, but set for 9% weekly gain

 (Adds Shanghai closing prices, stocks data; updates London
    BEIJING, Aug 9 (Reuters) - London nickel prices eased on
Friday, slipping from a 16-month high struck in the previous
session, after Indonesia's nickel miners association said it had
urged the government not to bring forward a ban on mineral ore
    The association's Secretary General Meidy Katrin Lengkey
said the group had "indirect" knowledge of a plan to revise the
date of enforcement of the ban but told Jakarta to "be
consistent with the 2022 deadline because people have invested
money to build smelters."
    Nickel is still on course to add 9% in London this week on
speculation the ban could be introduced as soon as this year.

    Shanghai nickel, meanwhile, struck a record high overnight
and closed up more than 5% on Friday.
    Supply of stainless steel ingredient nickel pig iron on the
Chinese spot market is "still relatively tight and some
stainless steel plants have already locked in orders until the
end of September," Huatai Futures said in a note.
    * NICKEL: Three-month nickel on the London Metal Exchange
 fell as much as 1.5%, and was down 0.8% at $15,755 a
tonne, as of 0753 GMT. The metal jumped 12.7% to $16,690 a tonne
on Thursday, matching an April 2018 high.
    * NICKEL: The most-traded October nickel contract on the
Shanghai Futures Exchange closed up 5.2% at 126,290
yuan ($17,913.22) a tonne, after hitting a record high of
127,180 yuan overnight.
    * OPEN INTEREST: Market open interest in Shanghai nickel, a
measure of liquidity, reached 803,652 lots on Thursday, the
highest since June 2018.
    * COPPER: Benchmark London copper slipped 0.3% to
$5,778 a tonne, while Shanghai copper closed 0.7%
firmer on 46,680 yuan a tonne.
    * COPPER STOCKS: Copper inventories in warehouses monitored
by the ShFE rose 0.3% from the previous week to 156,367 tonnes,
the exchange said on Friday.
    * PERU: Anti-mining protests in Peru have held up about $400
million in copper exports from some of the country's top mines
and blocked supplies from reaching their operations for nearly
three weeks, port operator Tisur said.
    * ZAMBIA: Glencore's Mopani copper mines in Zambia
has closed two shafts at its Nkana mine, a move that an
opposition leader said had led to 1,400 job losses.
    * Asian shares inched up on Friday, helped by Wall Street's
rally, but fresh concerns about Sino-U.S. trade ties capped
gains in the region.    
 BASE METALS PRICES                       0755 GMT
 Three month LME copper                     5776.5
 Most active ShFE copper                     46680
 Three month LME aluminium                    1779
 Most active ShFE aluminium                  13905
 Three month LME zinc                         2282
 Most active ShFE zinc                       18545
 Three month LME lead                         2075
 Most active ShFE lead                       16785
 Three month LME nickel                      15755
 Most active ShFE nickel                    126290
 Three month LME tin                         16910
 Most active ShFE tin                       135050
($1 = 7.0501 Chinese yuan)

 (Reporting by Tom Daly, Editing by Sherry Jacob-Phillips)
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