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METALS-Firm dollar lifts copper; nickel, aluminium edge up

From Reuters - October 9, 2017

SYDNEY, Oct 10 (Reuters) - London copper pushed higher on
Tuesday after stagnating overnight, buoyed by a steady dollar
and a modest uplift in Chinese futures.
Chinese nickel and aluminium futures also edged up, ignoring
a steep drop in Shanghai steel prices.
"Both metals (nickel and aluminium) are expected to see
production output curtailed in the coming weeks on environmental
grounds as the National Congress draws nearer," ANZ Bank said in
a note.FUNDAMENTALS
* Three-month copper on the London Metal Exchange
was up 0.9 percent at $6,727 a tonne, as of 0144 GMT, after
trading flat overnight.
* The most-traded copper contract on the Shanghai Futures
Exchangeclimbed 0.21 percent to 52,230 yuan
($7,924.56) a tonne.
* NICKEL PRICES: LME three-month nickelretreated
0.6 percent to $10,955 a tonne. In the previous session, it
closed 4 percent higher, its best since Sept. 21. 
ShFE nickelclimbed 1.5 percent after rising 3.3
percent on Monday. 
* ALUMINIUM: Three-month aluminium was mostly steady at
$2,160.50 a tonne, while ShFE aluminium was 0.27 percent up. 
* CHINA CONGRESS: Some analysts believe part of the reason
for looming industrial plant closures, which come before the
major heating season begins in mid-November, is to clean the air
in the capital of Beijing ahead of the once-in-five-years 19th
Party Congress, beginning on Oct. 18.
* STEEL DOWN: The most-active rebar on the Shanghai Futures
Exchangewas down nearly 3 percent reversing Monday's
gains.
* INVENTORIES: Nickel stocks in LME-registered warehouses
fell by 1,638 tonnes to 384,864 tonnes while on-warrant stocks -
those earmarked for delivery - fell 576 tonnes to 249,336
tonnes.
DOLLAR: The dollar index against a basket of six major
currencies was a shade higherafter dipping about 0.15
percent overnight.
* FREEPORT'S WORTH: Indonesia's mining minister Ignasius
Jonan said on Monday he estimates the local unit of
Freeport-McMoRan Inc, operator of the giant Grasberg
copper mine, to be worth $8 billion, amid talks over the
divestment of a majority stake in the unit.
* CYCLONE ODDS: Warmer ocean temperatures have increased the
possibility of more cyclones developing near Australia during
the upcoming November to April cyclone season, the Bureau of
Meteorology said.
* For the top stories in metals and other news, click
orMARKETS NEWS
* Asian shares gained on Tuesday, shrugging off modest
losses on Wall Street while expectations of a U.S. interest rate
increase this year continued to underpin the dollar.DATA AHEAD (GMT)
0600GermanyTrade balancAug 
0645FranceIndustrialAug 
0830BritainIndustrial outputAug 
1000U.S.NFIB business optimismSepPRICES
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 tinARBS($1 = 6.5909 Chinese yuan) (Reporting by James Regan; Editing by Sherry Jacob-Phillips) 
 

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