Off The Wire
METALS-Nickel sinks to eight-month low on trade tensions and weak steel prices
* STEEL PRICES: Nickel, largely used to make stainless steel, and zinc, mainly used for galvanising steel, were also pressured by a slide in Chinese steel futures. Steel shed more than 4 percent after a source involved with China's output-cut plan said the environment ministry could allow northern provinces to set their own production curbs over winter.
* ZINC STOCKS: LME zinc inventories have climbed by 74 percent since the start of March to 229,675 tonnes.
* ALUMINIUM PRICE: Aluminium failed to build on its 1.3 percent rebound on Monday after a report that Russian producer Rusal could begin output cuts this month because of U.S. sanctions. LME prices fell 2.4 percent to end at$2,044 a tonne.
"I think we're probably still some way off from Rusal
actually cutting production, but it's an indication of the
scenario we could go back to as we saw in April," Deutsche
Bank's Snowdon said.
* PRICES: Copper gave up early gains to close 0.9 percent weaker at $5,859 a tonne, lead dropped 3.1 percent to $1,965 a tonne after touching its lowest since Aug. 16 at $1,957.50, while tin dipped 0.2 percent to $19,045 a tonne.
* DOLLAR: The U.S. dollar rebounded from losses and was trading 0.1 percent firmer , making dollar-denominated assets such as commodities more expensive for buyers using other currencies. <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ Top Base and Precious Metals Analysis - GFMS ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Reporting by Eric Onstad Editing by David Goodman and David Evans)Reuters Messaging: email@example.com))
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