METALS-Copper gains on optimism over trade talks
Three-month copper on the London Metal Exchange (LME) gained 2% to $5,949 a tonne by 1410 GMT, the highest since July 31. Volumes were thin because the Shanghai Futures Exchange was closed on Friday for the mid-autumn festival. It will resume trading on Monday.
* NICKEL STOCKS: LME nickel fell 1.5% to $17,715 a tonne after LME inventories rose 6.6% to 166,680 tonnes, the highest since June 24, easing short-term shortages in LME warehouses.
* NICKEL SPREAD: The premium of LME nickel cash to the
three-month contract had jumped to $163 a tonne by
Thursday's close, the highest since 2009, from $102 a tonne in
the previous session, signalling tight nearby supplies.
Traders said shortages had been exacerbated by a dominant
position, with one party holding over half of LME inventories
and short-term futures.
* VALE BRAZIL: Also pressuring nickel prices was news that
Brazil's supreme court authorised Vale to restart nickel processing at its Onca Puma operation in Brazil. Activity at the complex was suspended in June.
* INDONESIA COPPER: Indonesia's energy ministry has approved a new recommendation for a unit of Freeport McMoran Inc to raise copper concentrate exports to 700,000 tonnes until March 2020.
* ALUMINIUM SHORT: The net speculative position for LME aluminium has declined sharply from the recent peak of 31.7% of open interest on Sept. 3 to 6.8% on Wednesday, according to Marex Spectron estimates, the broker's Alastair Munro said in a note.
* PRICES: LME aluminium added 0.4% to $1,811 a tonne, zinc advanced 1.9% to $2,392.50, the highest since Aug. 1, lead climbed 1.7% to $2,111.50 and tin rose 0.2% to $17,150.
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