MELBOURNE, Sept 19 (Reuters) - London copper and zinc climbed on Tuesday on signs that a cooling property market in top consumer China was not derailing economic growth in the world's top metals consumer.
FUNDAMENTALS
LME ZINC: London zinc CMZN3 extended 2.2-percent gains for the day before by another 0.7 percent, at one point touching its highest in more than a week at $3,123.50 a tonne.
- SHFE ZINC: Shanghai zinc SZNcv1 was also up strongly, by 3.2 percent at 25,635 yuan a tonne, largely tracking gains in London.
- CHINA ZINC, NICKEL: Zinc and nickel prices have rallied on expectations that steel makers may be able to pay more for their raw materials, given industry consolidation that has curbed overcapacity and pushed up profits. Zinc is used to galvanise or rust-proof steel. Output will also be constrained over China's winter after Beijing mandated a slew of curbs to industry as it looks to clear smoggy skies.
- ZINC SUPPLY: Zinc prices have also heated up given expectations that tighter mine supply will impede production of refined metal. China's August zinc production fell 4.6 percent.
But several large mines have brought forward or raised production, including MMG Ltd's <1208.HK> Dugald River operations in Australia. Canada's Teck Resources Ltd raised its Red Dog zinc production guidance for 2017 to a range of 525,000 to 550,000 tonnes, up from 475,000 to 500,000 tonnes.
Hang in there people.
- PERU ZINC: Peru raised its zinc production by 7 percent in July to 114,136 tonnes. Peru is also the biggest supplier of zinc ore to China, with exports up by nearly half on last year at just shy of 400,000 tonnes to July.
Cheers.....................
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