×

METALS-Firm dollar lifts copper; nickel, aluminium edge up

SYDNEY, Oct 10 (Reuters) - London copper pushed higher on Tuesday after stagnating overnight, buoyed by a steady dollar and a modest uplift in Chinese futures. Chinese nickel and aluminium futures also edged up, ignoring a steep drop in Shanghai steel prices. "Both metals (nickel and aluminium) are expected to see production output curtailed in the coming weeks on environmental grounds as the National Congress draws nearer," ANZ Bank said in a note.

FUNDAMENTALS

* Three-month copper on the London Metal Exchange was up 0.9 percent at $6,727 a tonne, as of 0144 GMT, after trading flat overnight.

* The most-traded copper contract on the Shanghai Futures

Exchange climbed 0.21 percent to 52,230 yuan

($7,924.56) a tonne.

* NICKEL PRICES: LME three-month nickel retreated 0.6 percent to $10,955 a tonne. In the previous session, it closed 4 percent higher, its best since Sept. 21.

ShFE nickel climbed 1.5 percent after rising 3.3

percent on Monday.

* ALUMINIUM: Three-month aluminium was mostly steady at $2,160.50 a tonne, while ShFE aluminium was 0.27 percent up.

* CHINA CONGRESS: Some analysts believe part of the reason for looming industrial plant closures, which come before the major heating season begins in mid-November, is to clean the air in the capital of Beijing ahead of the once-in-five-years 19th Party Congress, beginning on Oct. 18.

* STEEL DOWN: The most-active rebar on the Shanghai Futures

Exchange was down nearly 3 percent reversing Monday's

gains.

* INVENTORIES: Nickel stocks in LME-registered warehouses fell by 1,638 tonnes to 384,864 tonnes while on-warrant stocks - those earmarked for delivery - fell 576 tonnes to 249,336 tonnes. DOLLAR: The dollar index against a basket of six major

currencies was a shade higher after dipping about 0.15

percent overnight.

* FREEPORT'S WORTH: Indonesia's mining minister Ignasius Jonan said on Monday he estimates the local unit of

Freeport-McMoRan Inc , operator of the giant Grasberg

copper mine, to be worth $8 billion, amid talks over the divestment of a majority stake in the unit.

* CYCLONE ODDS: Warmer ocean temperatures have increased the possibility of more cyclones developing near Australia during the upcoming November to April cyclone season, the Bureau of Meteorology said.

* For the top stories in metals and other news, click or

MARKETS NEWS

* Asian shares gained on Tuesday, shrugging off modest losses on Wall Street while expectations of a U.S. interest rate increase this year continued to underpin the dollar.

DATA AHEAD (GMT)

0600 Germany Trade balanc Aug 0645 France Industrial Aug 0830 Britain Industrial output Aug 1000 U.S. NFIB business optimism Sep

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 = 6.5909 Chinese yuan)

(Reporting by James Regan; Editing by Sherry Jacob-Phillips)