March 4, 2019 / 1:55 AM / 6 months ago

METALS-Shanghai nickel rises on restocking demand expectation

BEIJING, March 4 (Reuters) - China’s nickel futures rose more than 2 percent on Monday alongside steel prices on expectations of tight supply in the market and firm restocking demand at steel mills.

“In the short term the market supply will remain tight as steel mills are actively replenishing their stocks amid rising stainless steel prices,” analysts from CITIC Futures said in a note in Mandarin.

FUNDAMENTALS

* NICKEL: The most-traded nickel contract on the Shanghai Futures Exchange was 1.1 percent higher at 104,300 yuan ($15,556) a tonne as of 0122 GMT. Nickel rose rose as high as 105,480 yuan, up 2.3 pct, during early trade.

* COPPER: Copper prices edged down 0.2 percent to 50,190 yuan a tonne.

* TRADE: Hopes that the U.S and China are close to a trade deal after a bitter year-long tariff dispute helped boost risk sentiment, with Asian shares, oil prices and the yuan all gaining.

* DELAY: The United States Trade Representative’s office (USTR) has released language to delay a scheduled hike in tariffs on $200 billion worth of Chinese goods, due to be published in the Federal Register next week.

* IRONORE: Chinese steel mills are slowing iron ore purchases and seeking cheaper alternatives to Australian supplies after a steep run-up in prices in February.

* VALE: Brazilian iron ore miner Vale SA Chief Executive Fabio Schvartsman and several other senior executives resigned on Saturday in what the company described as a temporary move, after one of its mining dams burst in January, killing hundreds.

* GLENCORE: Glencore said trade barriers are its “foremost risk”, but climate, political, legal and other potential dangers have become more pressing for the mining and trading group.

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MARKETS NEWS

* U.S. stock futures jumped on Monday on reports the United States and China were close to striking a trade deal after a year-long tariff skirmish while the dollar eased as traders wagered Federal Reserve policy will remain accommodative.

DATA/EVENTS

0030 Australia Building Approvals Jan

0930 Britain Markit/CIPS Cons PMI Feb

0930 EU Sentix Index March

1000 EU Producer Prices Jan

1500 US Construction Spending Dec

PRICES

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 tin

ARBS ($1 = 6.7048 Chinese yuan renminbi) (Reporting by Muyu Xu and Dominique Patton; editing by Richard Pullin)

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