News: OZL METALS-China nickel futures near half-yr peak on supply woes

SYDNEY, Aug 24 (Reuters) - Chinese nickel futures surged on Thursday to a near six-month high on the back of strong gains in overnight London Metal Exchange prices amid supply concerns and declining inventories.

The metal used in making stainless steel was buoyed worries over exports from the Philippines, after data showed output fell 24 percent in the first half of the year amid an environmental crackdown that has seen at least eight nickel mines suspended since last year.

FUNDAMENTALS

• Three-month nickel on the London Metal Exchange CMNI3 gained 0.9 percent to $11,770.00 a tonne by 0125 GMT, after touching $11,825 overnight, the highest since last November.
• The most-traded nickel contract on the Shanghai Futures Exchange SNIcv1 rose 2.62 percent to 94,500 yuan ($14,195) a tonne, the highest since early March.
• NICKEL STOCKS: Prices were supported by a fall in on-warrant stockpiles of nickel at LME-registered warehouses to the lowest since January after 5,682 tonnes of cancellations. MNISTX-TOTAL
• LONDON COPPER: LME copper CMCU3 was up 0.3 percent to $6,584.50 a tonne, reversing losses from the previous session.
• SHANGHAI COPPER: Shanghai Futures Exchange copper SCFcv1 was largely flat at 51,670 yuan a tonne.
• SHANGHAI ZINC: ShFE zinc SZNcv1 was modestly higher, while LME zinc CMZN3 was 0.3 percent higher at $3,105.50 a tonne.
• STOCKS: COMEX copper stocks rose by a net 271 tonnes on Monday. There was some light two-way action at New Orleans and arrivals at both Tucson and Salt Lake City.
• NEW COPPER MINE: OZ Minerals Ltd (OZL) said it would begin construction of its Carrapateena copper mine in Australia, the country's largest undeveloped copper project, which it estimated would cost A$916 million ($724 million).
• SOUTH32 GAINS: Australian-based miner South32 Ltd S32.AX posted an eight-fold rise in its annual underlying earnings on Thursday, as a broad recovery in metal prices offset disruptions to its coal business.
• VEDANTA UP: Diversified miner Vedanta Resources' first-quarter core earnings rose about 48 percent on higher zinc production, with renewed demand for the metal driven by higher steel production in China.
• For the top stories in metals and other news, click [TOP/MTL] or [MET/L]

  MARKETS NEWS

• Asian stocks edged up on Thursday, shaking off the risk aversion that gripped financial markets overnight after U.S. President Donald Trump's threat to shut down the government, though the dollar remained sluggish. [MKTS/GLOB]

  DATA AHEAD (GMT) 0645 France Business climate Aug 0830 Britain GDP 2nd release Q2 1230 U.S. Weekly jobless claims 1400 U.S. Existing home sales 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

($1 = 6.6569 Chinese yuan renminbi)

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