re: metalprices-nickel copper up * London Metal Exchange (LME) copper and nickel futures are
extending gains in Asia, helped by news at the weekend that a
strike had started at Falconbridge Ltdmines.
* 0415 GMT, three-month nickelwas quoted
$15,800/$16,200 a tonne, up sharply from the Friday London
close at $15,200.
* Copperwas quoted at $2,504/$2,507, against $2,497
at the Friday close, the highest in 6-½ years. It gave up
part of its earlier gains as Shanghai failed to reach limit-up.
* Falconbridge shut down mining and milling operations at
its Sudbury, Ontario site, on Sunday as workers began a strike
after rejecting a new labour contract. The nickel mines also
produce copper, in addition to cobalt and precious metals. No
further negotiations were scheduled.
* Shanghai copper <0#SCF:> contracts were strong across the
board, with the most active August adding 430 yuan to 25,250
yuan a tonne.
* LME three-month aluminiumwas trading at
$1,655/1,658 a tonne, steady from Friday's kerb close of
$1,656, up $12 on the day.
* Shanghai aluminium futures <0#SAF:> were up, with the
most active July contract gaining 60 yuan to 16,980 a tonne.
* LME three-month zincfetched $1,045/$1,049 versus
$1,043, while its sister metal leadwas at $766/$771,
against $769.
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