-London, Shanghai nickel rise for a fourth day on steel, battery...
BEIJING, June 1 (Reuters) - London nickel prices and Chinese nickel futures both rose for a fourth day on Friday, supported by strengthening Chinese steel futures and plunging global nickel inventories. Nickel is a key component of stainless steel and demand for the texmetals.com metal for electric vehicle batteries in China has also pushed prices higher. FUNDAMENTALS * SHFE NICKEL: The most-traded nickel contract on the Shanghai Futures Exchange, for July delivery, rose by as much as 5.5 percent to 120,000 yuan ($18,703) a tonne and was at 116,820 at 0309 GMT. The contract is set for a weekly gain of 6.1 percent, its biggest weekly jump since the week ending Jan. 26. * LME NICKEL: Three-month nickel on the London Metal Exchange rose by as much as 3.1 percent to $15,690 a tonne, its highest since April 19 and was trading at $15,365. It is set to gain 4 percent this week. Open interest in LME nickel was at its highest since January 2015. * ALUMINIUM: Canada and Mexico retaliated against the United States' decision on Thursday to impose tariffs on steel and aluminium imports and the European Union had its own reprisals ready to go, reigniting investor fears of a global trade war. * ALUMINIUM: Aluminium prices were steady in early Friday trade, with London aluminium edging up 0.04 percent to $2,293 a tonne and the most-traded Shanghai aluminium contract falling 0.3 percent to 14,615 yuan a tonne. * COPPER: London copper was down 0.2 percent to $6,842 a tonne, while the most-traded Shanghai copper contract edged up 0.3 percent to 51,380 yuan a tonne. * For the top stories in metals and other news, click or MARKETS NEWS * Asian equities sagged on Friday as worries about U.S. trade policy hit global financial markets, which were already shaken this week by political turmoil in Italy. DATA AHEAD (GMT) 0750 France Markit manufacturing PMI May 0755 Germany Markit/BME manufacturing PMI May 0800 Euro zone Markit manufacturing PMI final May 1230 U.S. Nonfarm payrolls May 1230 U.S. Unemployment rate May 1400 U.S. ISM manufacturing PMI May 1400 U.S. Construction spending Apr PRICES BASE METALS PRICES 0239 GMT Three month LME copper 6852 Most active ShFE copper 51440 Three month LME aluminium 2293.5 Most active ShFE aluminium 14605 Three month LME zinc 3113.5 Most active ShFE zinc 24295 Three month LME lead 2457 Most active ShFE lead 19965 Three month LME nickel 15460 Most active ShFE nickel 117350 Three month LME tin 20690 Most active ShFE tin 155100 BASE METALS ARBITRAGE LME/SHFE COPPER LMESHFCUc3 218.97 LME/SHFE ALUMINIUM LMESHFALc3 -2478.39 LME/SHFE ZINC LMESHFZNc3 502.86 LME/SHFE LEAD LMESHFPBc3 501.38 LME/SHFE NICKEL LMESHFNIc3 -580.33 ($1 = 6.4124 Chinese yuan renminbi) ($1 = 6.4161 Chinese yuan renminbi) (Reporting by Tom Daly; Editing by Christian Schmollinger) Advertisement
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