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METALS-Shanghai nickel climbs after rollercoaster week

BEIJING, Feb 2 (Reuters) - Shanghai nickel rose sharply on Friday after a rollercoaster week, tracking an overnight jump in London prices as investors took up new long positions.

FUNDAMENTALS

* SHFE NICKEL: The most traded May nickel contract on the Shanghai Futures Exchange (ShFE) was up 2.7 percent at 105,140 yuan ($16,741.77) a tonne at 0215 GMT, reversing three straight days of losses. The metal, which opened up 3 percent, is on course for a weekly gain of 1 percent. 1/8nL8N1PR401

* SHFE COPPER: The most-traded March copper contract on the ShFE was down 0.2 percent at 53,050 yuan a tonne, as the dollar edged upward. A stronger dollar makes metals more expensive for holders of other currencies.

* LME COPPER: Three-month copper on the London Metal Exchange was unchanged at $7,119 a tonne, after ending flat in the previous session.

* CHILE: The powerful union at BHP's Escondida copper mine, the world's largest, on Wednesday cast doubt on chances of starting talks on a new labour agreement with the company before formal negotiations scheduled for June.

* ANGOLA: Australia's VDM Group said it has signed a heads of agreement with Jiangxi Copper regarding the latter's participation in the Cachoeiras do Binga copper project in Angola.

* SOUTH AFRICA: Glencore on Thursday said copper output in 2018 should rise to nearly 1.5 million tonnes as its Katanga mine in Democratic Republic of Congo ramps up to add roughly 150,000 tonnes, as well as 11,600 tonnes of cobalt.

* MADAGASCAR: Japan's Sumitomo Corp said on Thursday it has resumed production at the Ambatovy nickel-cobalt project in Madagascar from end-January after halting operations earlier last month due to damages caused by cyclone.

* BAUXITE: Guinean bauxite mining company La Guineenne des Mines (GDM) shipped the first ore from its project in the western Boke region on Thursday and will target exports of 2 to 4 million tonnes this year, its chief executive said.

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MARKETS NEWS

* The euro neared multi-year peaks on Friday as talk of policy tightening in Europe and expectations that inflation is set to gear higher drove up borrowing costs globally.

DATA/EVENTS

1000 Euro zone Producer prices Dec 1330 U.S. Nonfarm payrolls Jan 1330 U.S. Unemployment rate Jan 1445 U.S. ISM-New York index Jan 1500 U.S. Factory orders Dec

PRICES

BASE METALS PRICES 0208 GMT Three month LME copper 7117 Most active ShFE copper 53050 Three month LME aluminium 2226 Most active ShFE aluminium 14370 Three month LME zinc 3539 Most active ShFE zinc 26755 Three month LME lead 2668.5 Most active ShFE lead 19665 Three month LME nickel 13925 Most active ShFE nickel 105050 Three month LME tin 21510 Most active ShFE tin 148810

BASE METALS ARBITRAGE

LME/SHFE COPPER LMESHFCUc3 999.38 LME/SHFE ALUMINIUM LMESHFALc3 -1808.05 LME/SHFE ZINC LMESHFZNc3 365.3 LME/SHFE LEAD LMESHFPBc3 -542.43 LME/SHFE NICKEL LMESHFNIc3 1577.47

($1 = 6.2801 Chinese yuan renminbi)

(Reporting by Tom Daly; Editing by Joseph Radford)