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Zinc leads China metals futures higher

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By James ReganSYDNEY | Friday, Apr 21 2017 IST
 
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 was the only laggard, falling 0.47 percent.Sharp gains in fellow steel-related commodities, such as iron ore and coking coal 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.The most-traded zinc contract on the Shanghai Futures Exchange climbed more than 3 percent to 21,860 yuan ($3,175) a tonne.Three-month zinc on the London Metal Exchange 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 was up 1 percent at $5,679 a tonne by 0700 GMT, matching the previous session's gain. * SHFE COPPER: Shanghai Futures Exchange copper 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. * 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.REUTERS SV 1315

-- (Reuters) -- C-1-1-DL0103-862779.Xml

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