RIO 0.69% $121.76 rio tinto limited

News: RIO METALS-Base metals slip on profit-taking, shrug off positive China data

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    Base metals slipped into negative territory on Tuesday despite positive Chinese services data, as investors locked in profits on recent gains in nickel and copper.

    Earlier in the day, UBS raised its forecast for electric vehicles, which eventually led to an upgrade in the 2020-2021 nickel outlook. However, the brokerage warned that a vast inventory pile of metal and ore means it will be difficult to see nickel prices above the marginal mining costs of $6 per pound ($13,230 a tonne).

    • SHANGHAI NICKEL: The most-traded nickel contract on the Shanghai Futures Exchange SNIcv1 closed down 1 percent at 91,940 yuan ($13,901.03) a tonne.
    • LONDON NICKEL: Three-month nickel on the London Metal Exchange CMNI was down 1.8 percent to 11,175 a tonne, as of 0715 GMT, reversing a modest overnight gain.
    • ELECTRIC CARS: ANZ bank said a Bloomberg report that China was on the verge of extending rebates on electric vehicles was spurring positive sentiment for nickel.
    • CHINA SERVICES DATA: The Caixin/Markit services purchasing managers' index (PMI) rose to 51.9 in November, up from 51.2 in October and the highest reading since August.
    • STEEL FUTURES DIP: The most active rebar on the ShFE SRBcv1 closed 0.35 percent lower, after hitting its strongest since Sept. 6 in the previous session. [IRONORE/]
    • BIG MINERS DROP: Top base metals producers BHP (BHP) and Rio Tinto (RIO) dropped 0.93 percent and 2 percent respectively on the Australian bourse.
    • ZINC SEIZED: Customs in China's eastern port city of Qingdao seized 1,762 tonnes of smuggled zinc waste last week in the country's campaign against the import of "foreign garbage".
    • DOLLAR STALLS: The dollar dipped on Tuesday, as investors waited to see how the next step of the U.S. tax reform legislation proceeds rather than extend the rise made by the dollar at the start of the week following the U.S. Senate's approval of the tax bill. [FRX]
    • GUINEA ALUMINA : A consortium of the Societe Miniere de Boke (SMB) and Singapore's Winning Shipping plans to build Guinea's first alumina refinery in a $3 billion effort to develop the West African country's bauxite industry.
    • SHFE COPPER, ALUMINIUM: ShFE copper SCFcv1 finished 1.3 percent lower, while aluminium SAFcv1 ended 0.79 percent down.

      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

      ARBS LMESHFCUc3 LMESHFALc3 LMESHFZNc3 LMESHFPBc3 LMESHFNIc3

    ($1 = 6.6139 Chinese yuan)

    	<^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ 
    Top base and precious metals analysis - GFMS	 http://tmsnrt.rs/2lvmIzW 
    
    	^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> 
    
 
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Last
$121.76
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Last trade - 16.10pm 29/03/2024 (20 minute delay) ?
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