×

METALS-Shanghai metals slip on industrial outlook, dollar

(Updates prices)

SYDNEY, Aug 15 (Reuters) - Most Shanghai base metals futures fell on Tuesday, echoing weaker London prices overnight on a weaker dollar and mixed Chinese industrial data.

China's industrial output, investment, retail sales and trade all grew less than expected last month.

In particular, weak data from China's housing sector played to concerns of weaker demand ahead for industrial metals, according to ANZ Bank.

FUNDAMENTALS

* NICKEL LEADS LOSERS: Steel-related Shanghai nickel ended 1.4 percent down, after dropping more than 2 percent at the open, while rebar lost 2 percent.

* LME COPPER: Three-month copper on the London Metal Exchange traded slightly firmer at $6,418 a tonne by 0700 GMT. Prices hit their highest in more than 2-1/2 years on Aug. 9 at $6,515 and are up almost 8 percent this quarter.

* SHFE COPPER: The most-traded copper contract on the Shanghai Futures Exchange gained 0.10 percent to 50,330 yuan ($7,536) a tonne, while ShFE Zinc closed nearly 1 percent up.

* COOL CHINA DATA: China's strong economic growth showed visible signs of fading in July as lending costs rose and the gravity-defying property market cooled. Factory output rose 6.4 percent in July from a year earlier, the slowest pace since January, according to official data.

* DOLLAR UP: The dollar index, which tracks the greenback against six major currencies, was last up 0.28 percent.

* COPPER SHUT DOWN: Glencore's Zambian copper mining unit said on Monday it had suspended all operations at its two mines there due to restricted power supply.

* DUMPING CHALLENGE: Chinese metals industry association confirmed on Monday that the nation's aluminium sector would mount a legal challenge to the U.S. Department of Commerce's preliminary decision to impose antidumping tariffs on imports of Chinese aluminium foil.

* SUPPLY RISKS: Repricing aluminium's supply risks is a chaotic work in progress.

* ALUMINIUM: ShFE aluminium closed 1 percent lower, also succumbing to the dulling Chinese industrial outlook. SHFE aluminium stocks <AL-STX-SGH>, which have been climbing all year, hit their highest level since May 2013 at 473,000 tonnes. LME aluminium was up 0.7 percent to $2,037 a tonne.

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 = 6.6785 Chinese yuan)

(Reporting by James Regan; Editing by Richard Pullin and Amrutha Gayathri)