METALS-Steel-linked metals resume slide on global growth concerns

MELBOURNE, Nov 26 (Reuters) - Steel-linked metals zinc and nickel fell by almost 1 percent in early trade on Monday, extending last week's drop on expectations of lower demand from Chinese steel mills.

FUNDAMENTALS

* London Metal Exchange (LME) zinc fell to $2,480 a tonne, the cheapest in more than a week and traded last at $2,496, still comfortably far from near two-year lows below $2,300 hit in August.

* NICKEL: LME nickel fell 0.8 percent to $10,825 a tonne, near a 13-month trough plumbed on Friday at $10,735. Besides concerns about demand, nickel has come under speculative selling on news that major producer Indonesia plans to ramp up mine supply for rechargeable batteries, diminishing fears of a deficit.

* STEEL OUTLOOK: Steel prices also fell on Monday as traders are not replenishing stockpiles on concerns that demand in China, the world's top producer and consumer, could remain weak after the seasonally soft winter season as its economy cools further amid an ongoing trade war with the United States.

* CHINA-US: The United States and China have in the coming week what may be their last chance to broker a ceasefire in an increasingly dangerous trade war when their presidents meet in Buenos Aires.

* LME COPPER slipped by 0.3 percent to $6,188 a tonne, extending 0.8 percent losses from the previous session. Prices peaked above $7,300 in June before falling in September, trading in a $6,140-$6,300 range since mid-month.

* SHANGHAI: Shanghai zinc was down 2.4 percent, nickel was off 1.8 percent and lead down 1.6 percent. Shfe copper fell 0.5 percent to 49,320 yuan ($7,102) a tonne.

* TIN: Shfe tin fell 2 percent and LME tin prices fell 1.2 percent amid rising stocks in China. China's tin warehouse supplies have hit 8,200 tonnes, the highest in more than a year and up by 73 percent from late August. <SSN-TOTAL-D>

* OIL: Oil prices slumped nearly 8 percent to the lowest in more than a year on Friday, posting the seventh consecutive weekly loss, amid intensifying fears of a supply glut even as major producers consider cutting output.

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MARKETS NEWS

* Asian shares were on a slippery slope on Monday as plunging oil prices fanned worries about a dimming outlook for the global economy as investors brace for a crucial meeting between U.S. and Chinese leaders at the end of week.

DATA/EVENT AHEAD (GMT)

0900 Germany Ifo business climate Nov

1330 U.S. National activity index Oct

1400 European Central Bank President Mario Draghi addresses the European Parliament

1530 U.S. Dallas Fed manufacturing index Nov

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 = 6.9450 Chinese yuan renminbi)

(Reporting by Melanie Burton Editing by Sai Sachin Ravikumar)