METALS-London base metal prices ease after strong rally

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HANOI, Aug 12 (Reuters)Most London base metal prices eased on Friday, taking a breather from strong rallies within the earlier session on easing worries over demand.

Three-month copper on the London Metal Exchange CMCU3 eased 0.2% to $8,160 a tonne as of 0206 GMT, hovering round a six-week excessive.

U.S. inflation knowledge launched earlier this week was weaker than anticipated and raised hopes of much less aggressive fee hikes on the planet’s largest economic system, leaving room for extra progress and metals demand.

LME tin MSN3 climbed 0.5% to $25,500 a tonne, lead CMPB3 nudged up 0.2% to $2,203 a tonne, whereas zinc CMZN3 slid 1.2% to $3,643.50 a tonne.

Meanwhile, Shanghai copper and nickel prices jumped, partly because of depleting alternate inventories.

The most-traded September nickel contract on the Shanghai Futures Exchange SNIc1 rose 4.1% to 185,020 yuan ($27,431.10) a tonne.

ShFE copper SCFcv1 gained 0.9% to 62,680 yuan a tonne, zinc SZNcv1 steadied at 25,165 yuan a tonne, aluminium SAFcv1 dipped 0.4% to 18,665 yuan a tonne.

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($1 = 6.7449 yuan)

(Reporting by Mai Nguyen; Editing by Sriraj Kalluvila)

((Siyi.Liu@thomsonreuters.com;))

The views and opinions expressed herein are the views and opinions of the writer and don’t essentially replicate these of Nasdaq, Inc.



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