News: RIO METALS-London zinc, nickel extend rally on steel gains

London zinc rose to its highest price in a decade on Monday and nickel also rallied as investors ploughed into metals used by China's steel sector, seeing robust demand even as capacity is constrained by Beijing's drive to reform bloated industries.

FUNDAMENTALS

• London Metal Exchange (LME) zinc CMZN3 hit the highest since Oct. 2007 at $3,163.50 a tonne, up around 1 percent. LME nickel CMNI3 , used in the stainless steel sector, rallied by 2.2 percent to $11,220 a tonne.
• London Metal Exchange copper CMCU3 edged up 0.3 percent to $6,506 a tonne by 0217 GMT, heading back towards last week's $6,580 peak, the highest since Nov. 2014.
• Shanghai Futures Exchange copper SCFcv1 showed modest 0.3 percent gains. SHFE nickel SNIcv1 rallied more than 4 percent while SHFE zinc SZNCV1 was up 2 percent.
• China's steel and its raw materials have rallied amid a firm outlook for demand in the world's top consumer. nL4N1L32QJ
• Confidence at Japanese manufacturers rose to its highest level in a decade in August led by materials producers, a Reuters poll showed, a further sign of broadening recovery in the economy.
• Cash aluminium has soared against the benchmark aluminium contract, reflecting a rush on immediate supply. Cash aluminium traded at a $9.50 premium against the benchmark, up from a $21 discount in early August. CMAL0-3
• Limited access to the giant Grasberg copper mine in eastern Indonesia is expected to resume on Monday, its operator said, after hundreds of former workers blockaded the site and clashed with police.
• Protesters in Peru have removed barriers on a road used by MMG Ltd 1208.HK to move its copper concentrate from its Las Bambas mine to port for shipping, after the government declared a state of emergency in the region, a representative of the ombudsman's office said Friday.
• Speculators in Comex copper boosted their record long position by 8,063 contracts to 120,175 in the latest week, data from the U.S. Commodity Futures Trading Commission showed.
• For the top stories in metals and other news, click

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  MARKETS NEWS

• Asian shares were little changed in early Monday trade as investors remained unconvinced about U.S. President Donald Trump's ability to fulfil his economic agenda, even as the departure of controversial policy strategist Steve Bannon raised hopes of some progress.

  DATA AHEAD (GMT)

• 1230 U.S. National activity index Jul

  PRICES Three month LME copper CMCU3 Most active ShFE copper SCFcv1 Three month LME aluminium CMAL3 Most active ShFE aluminium SAFcv1 Three month LME zinc CMZN3 Most active ShFE zinc SZNcv1 Three month LME lead CMPB3 Most active ShFE lead SPBcv1 Three month LME nickel CMNI3 Most active ShFE nickel SNIcv1 Three month LME tin CMSN3 Most active ShFE tin SSNcv1

  ARBS

  LMESHFCUc3 LMESHFALc3 LMESHFZNc3 LMESHFPBc3 LMESHFNIc3

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Top Base and Precious Metals Analysis - GFMS	 http://tmsnrt.rs/2lvmIzW  

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