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METALS-Shanghai nickel rises sharply after LME inventory dip

Nickel led a rise in Shanghai base metals prices on Monday following a drop in London Metal Exchange (LME) nickel stocks on Friday, while a rally in Asian equities helped take the rest of the complex higher, with the exception of aluminium.

FUNDAMENTALS

* SHFE NICKEL: The most traded July nickel contract on the Shanghai Futures Exchange (ShFE) was up 3.5 percent at 104,350 yuan ($687.37) a tonne by 0133 GMT, on course for its biggest daily jump since Nov. 2, having opened up 4.3 percent as it tracked Friday’s surge in the LME price.

* LME NICKEL: London nickel was trading down 0.6 percent, having leapt 4.5 percent on Friday after LME data showed a 13 percent slide in on-warrant stocks.

* COPPER: Three-month copper on the London Metal Exchange was down 0.3 percent to $6,941 a tonne, having closed up 1.9 percent in the previous session. The most-traded May ShFE copper contract gained 1.2 percent.

* ALUMINIUM: Shanghai aluminium was down 0.6 percent at 14,120 yuan a tonne, after touching a one-year low on Friday, with winter restrictions on Chinese smelters set to be lifted in three days’ time.

* TARIFFS: The United States opened the way for more exemptions from its steel and aluminum tariffs on Friday, after pressure from allies and intense lobbying from lawmakers, further diluting the measures just a day after they were formally announced.

* WAREHOUSING: The head of Maike Group, China’s biggest privately held metals trader, said he would propose at this year’s parliament session to allow warehouses registered to the London Metal Exchange (LME) to be set up in Shanghai’s planned free-trade port.

* LITHIUM: Chile’s government has asked antitrust regulators to block the sale of a stake in lithium company SQM to a Chinese company on the grounds it would give China an unfair advantage in the global race to secure resources to develop electric vehicles, according to a document seen by Reuters.

* DRC: Democratic Republic of Congo President Joseph Kabila signed into law on Friday a new mining code that raises royalties and taxes on operators, the presidency said in a statement. * For the top stories in metals and other news, click or

MARKETS NEWS * A relief rally swept across Asian share markets on Monday after the latest U.S. jobs report managed to impress with its strength while also easing fears of inflation and faster rate hikes, a neat feat that whetted risk appetites globally.

    DATA AHEAD (GMT)
    1400  U.S.     Employment trends Feb    
        
    PRICES    
 BASE METALS PRICES                        0130 GMT
 Three month LME copper                        6945
 Most active ShFE copper                      52160
 Three month LME aluminium                     2116
 Most active ShFE aluminium                   14130
 Three month LME zinc                        3267.5
 Most active ShFE zinc                        25035
 Three month LME lead                          2381
 Most active ShFE lead                        18490
 Three month LME nickel                       13770
 Most active ShFE nickel                     104410
 Three month LME tin                          21400
 Most active ShFE tin                        147120
                                                   
 BASE METALS ARBITRAGE                             
 LME/SHFE COPPER              LMESHFCUc3     922.11
 LME/SHFE ALUMINIUM           LMESHFALc3   -1426.14
                                          
 LME/SHFE ZINC                LMESHFZNc3     488.09
 LME/SHFE LEAD                LMESHFPBc3     172.97
 LME/SHFE NICKEL              LMESHFNIc3    1410.98
                                          
    

Source: Reuters (Reporting by Tom Daly; Editing by Sunil Nair)

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