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METALS-Zinc leads China metals futures higher

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  1. Molten iron is loaded into a ladle at the NLMK Kaluga steel mill in Vorsino outside Kaluga, Russia, July 21, 2016.

    (Adds details, updates prices)

    Zinc led a near across-the board rise in Shanghai base metals futures on Friday on the back of robust gains in overnight London trading and buoyant equity markets.

    Traders said broader positive sentiment on the outlook for industrial commodities in China also pushed future contracts along.

    ShFE tin SSNcv1 was the only laggard, falling 0.47 percent.

    Sharp gains in fellow steel-related commodities, such as iron ore and coking coal DCIOcv1 on the Dalian Commodity Exchange gave zinc an added boost. Zinc is mostly used to protect steel from rusting.

    In anticipation of brisk demand that typically picks up from April, China's crude steel output reached a record 72 million tonnes in March. nL3N1HT19D

    The most-traded zinc contract on the Shanghai Futures Exchange SZNcv1 climbed more than 3 percent to 21,860 yuan ($3,175) a tonne.

    Three-month zinc on the London Metal Exchange CMZN3 maintained overnight momentum, trading steady at $2,635 a tonne at 0700 GMT after posting a 3.2 percent in the last London session.

    • LME COPPER: Three-month copper CMCU3 was up 1 percent at $5,679 a tonne by 0700 GMT, matching the previous session's gain.
    • SHFE COPPER: Shanghai Futures Exchange copper SCFcv1 ended up 1.3 percent at 46,030 yuan a tonne.

      But there was little cheering for the red metal, given the contract had dropped to $5,530 a tonne earlier in the week, its weakest since early January. Still, traders said copper was garnering some support from the report that Indonesian workers at U.S. mining giant Freeport McMoran Inc were planning a month-long protest starting May 1 against layoffs.

    • INVESTORS: Asian stocks were set to end the week with a bang, lifted by bets on strong U.S. earnings and tax reform, while the euro retreated from a three-week high. [MKTS/GLOB]
    • CHINA STEEL: shares of most Asian steelmakers rose on Friday, deflecting the first salvo of a long-anticipated anti-dumping campaign from U.S. President Donald Trump.

      PRICES Three month LME copper CMCU3 Most active ShFE copper SCFcv1 Three month LME aluminium CMAL3 Most active ShFE aluminium SAFcv1 Three month LME zinc CMZN3 Most active ShFE zinc SZNcv1 Three month LME lead CMPB3 Most active ShFE lead SPBcv1 Three month LME nickel CMNI3 Most active ShFE nickel SNIcv1 Three month LME tin CMSN3 Most active ShFE tin SSNcv1


    ($1 = 6.8841 Chinese yuan)

    Top Base and Precious Metals Analysis - GFMS     http://tmsnrt.rs/2lvmIzW 

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