×

METALS-LME copper gains on weaker dollar, ShFE nickel up 1 pct

(Updates prices) SYDNEY, Oct 10 (Reuters) - London copper prices edged higher on Tuesday after stagnating overnight, buoyed by a weaker dollar, while Shanghai copper slipped. Chinese aluminum futures lost ground in the afternoon trade following a steep drop in Shanghai steel prices, while nickel continued its advance. A weaker dollar makes dollar-denominated assets such as copper cheaper for holders of other currencies. "Both metals (nickel and aluminum) 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.

* LME COPPER: Three-month copper on the London Metal Exchange was up 0.9 percent at $6,689 a tonne, as of 0809 GMT, after trading flat overnight.

* The most-traded copper contract on the Shanghai Futures Exchange slipped 0.42 percent to 51,900 yuan ($7,876.53) a tonne.

* NICKEL PRICES: LME three-month nickel retreated 0.7 percent to $10,945 a tonne. In the previous session, it closed 4 percent higher, its best since Sept. 21.

ShFE nickel climbed 1 percent, after having surged 3.3 percent in

the previous session.

* ALUMINIUM: Three-month aluminum was mostly steady at $2,164 a

tonne, while ShFE aluminum ended 0.91 percent lower. * 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 reversed Monday's gains to end down nearly 5 percent.

* DOLLAR: The dollar ran into some profit-taking on Tuesday with the

currency dropping a fifth of a percent against a trade-weighted basket of

its rivals.

* 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.

PRICES Three month LME copper Most active ShFE copper Three month LME aluminum Most active ShFE aluminum 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 = 6.5892 Chinese yuan)

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