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METALS-Shanghai nickel jumps ahead of key Indonesia meet

BEIJING, Sept 10 (Reuters) - Shanghai nickel rose sharply in early trade on Tuesday as fears of a supply shortage persisted after top miner Indonesia expedited a ban on nickel ore exports, while market participants awaited clues from a key conference on the metal in Jakarta. Traders of the metal used to make stainless steel and electric vehicle batteries have started arriving in Indonesia, which will ban nickel ore exports from January 2020, for the Asian Nickel conference on Wednesday and Thursday.

FUNDAMENTALS

* NICKEL: The most-traded November nickel contract on the Shanghai Futures Exchange rose as much as 3.4% overnight and was up 2.6% at 143,940 yuan ($20,221.97) a tonne as of 0225 GMT. Three-month London nickel climbed for a third session, rising 0.4% to $18,120 a tonne after closing up 2.1% on Monday.

* COPPER: LME copper gained 0.3% to $5,832 a tonne after two days of modest declines despite weak economic data from top consumer China, while ShFE copper was flat at 47,410 yuan a tonne.

* CHINA: Factory gate prices contracted for a second month in August and at a sharper rate. The producer price index (PPI), a key barometer of corporate profitability, dropped 0.8% from year earlier, the National Bureau of Statistics said, the worst year-on-year contraction since August 2016.

* LEAD: Henan Yuguang Gold and Lead, China's top lead producer, has cut refined lead production by 30% since Sept. 5 to carry out maintenance on one of its smelting lines, according to a company official.

* LEAD SPREAD: The premium of cash LME lead over the three-month contract <CMPB0-3> stood at $13.50 a tonne on Monday, versus a discount of $9.50 at the start of the month, indicating tightening supply.

* COLUMN: Copper last week hit a year-to-date low of $5,518 per tonne in the London market as the macroeconomic picture becomes ever gloomier.

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MARKETS NEWS

* Bond prices edged lower on Tuesday after German bund yields hit a one-month high following a report by Reuters that Germany is considering a "shadow budget" to allow the government to circumvent its strict national debt rules.

DATA AHEAD (GMT)

0830 UK Claimant Count Unem Chng Aug0830 UK ILO Unemployment Rate July

PRICES

BASE METALS PRICES 0225 GMTThree month LME copper 5832Most active ShFE copper 47410Three month LME aluminum 1799Most active ShFE aluminum 14355Three month LME zinc 2313Most active ShFE zinc 18985Three month LME lead 2095Most active ShFE lead 17460Three month LME nickel 18120Most active ShFE nickel 143920Three month LME tin 17235Most active ShFE tin 139840

BASE METALS ARBITRAGE

LME/SHFE COPPER LMESHFCUc3 537.24LME/SHFE ALUMINIUM LMESHFALc3 -126.51LME/SHFE ZINC LMESHFZNc3 187.22LME/SHFE LEAD LMESHFPBc3 -181.11LME/SHFE NICKEL LMESHFNIc3 -4624.25

($1 = 7.1180 Chinese yuan)

(Reporting by Tom Daly; Editing by Subhranshu Sahu)