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METALS-Shanghai tin eases, but on course for best week ever on lower output

Mai Nguyen

(Updates prices)

SINGAPORE, Sept 6 (Reuters) - Shanghai tin edged lower on Friday, but it was heading for its best week on record, while prices in London were on course to post its best weekly gain in years, as major tin producers sought to cut output.

Some of the world's top refined tin producers said they would cut production this year following a recent slump in prices for the metal.

In total, producers including the world's top two - China's Yunnan Tin and Indonesia's PT Timah - plan to reduce production by around 30,000 tonnes this year, meaning around 8% of estimated supply this year could come out of the market.

The most traded tin contract on the Shanghai Futures Exchange (ShFE) was rising 9.7% so far this week, on track for its highest weekly gain on record, despite easing 0.1% by 0359 GMT.

Benchmark tin on the London Metal Exchange (LME) dipped 0.7% to $17,325 a tonne, but still rising 6% so far this week, on course for its best week since March 2016.

FUNDAMENTALS

* COPPER: London copper was rising 2.5% so far this week, its best since June, while Shanghai copper rose as progress after China and the United States agreed to hold high level trade talks, reviving hopes for an end to a prolonged dispute.

* PRICES: ShFE copper rose 0.9%, aluminum advanced 0.5%, while nickel dropped 2.6%. LME copper eased 0.4%, aluminum dipped 0.3%, zinc dropped 0.8%, while nickel was flat.

* NICKEL: "Indonesia government announced that miners can seek new export quotas, which will be valid until the end of the year. This is likely to result in a surge in exports of nickel ore ahead of the planned ban on 1 January 2020," said ANZ.

* INDONESIA: Indonesia on Thursday released a decree allowing new exports quotas to be issued but only for validation until the end of this year.

* NICKEL MINER: Poseidon Nickel Ltd, buoyed by a recent surge in nickel prices, said on Friday it would restart operations at its Black Swan project in Western Australia.

* LYNAS: Australian rare earths producer Lynas Corp said it signed an agreement with the outback town of Kalgoorlie to explore a potential initial ore processing site as it tries to soothe concerns in Malaysia about radioactive waste.

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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 (Reporting by Mai Nguyen; Editing by Rashmi Aich)