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Sept 15 (Reuters) – London zinc prices extended gains to a sixth straight session on Thursday, as worries about supply disruptions kept prices elevated.
Three-month zinc on the London Metal Exchange CMZN3 advanced 1.9% to $3,290 a tonne by 0319 GMT, and the most-traded October zinc contract on the Shanghai Futures Exchange SZNcv1 rose 0.5% to 24,930 yuan ($3,578.81) a tonne.
About half of the European Union’s aluminium and zinc production capacity “has already been forced offline due to the power crisis”, industry association Eurometaux said.
LME aluminium CMAL3 rose 2.1% to $2,317 a tonne, tin CMSN3 gained 1.5% to $21,500 a tonne and copper CMCU3 advanced 0.7% to $7,859 a tonne.
ShFE aluminium SAFcv1 increased 1.3% to 18,905 yuan a tonne, tin SSNcv1 jumped 2.6% to 179,000 yuan a tonne, copper SCFcv1 was up 0.3% to 62,700 yuan a tonne and nickel SNIcv1 advanced 0.9% to 191,500 yuan a tonne.
Prospects of better demand from the real estate sector also lifted sentiment, after property giant China Evergrande Group 3333.HK announced it would restart frozen construction projects, and on hopes of more supportive policies in China.
The property sector consumes a vast amount of metals.
Producers of energy-intensive aluminium in Yunnan province will continue operating with 10% less power, with no sign of when restrictions implemented this week will be lifted, officials at two producers said.
But gains in metals prices were capped by a firm dollar, fuelled by prospects of a solid interest rate increase after U.S. consumer prices unexpectedly rose in August.
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TOP/MTL or MET/L DATA/EVENTS (GMT)
0430 Japan Tertiary Ind Act NSA Jul
0645 France CPI (EU Norm) Final Aug
0900 EU Total Trade Balance SA Jul
1100 EU Reserve Assets Total Aug
1200 UK GB BOE QE Corp Sep
1230 US Import Prices YY Aug
1230 US Initial Jobless Clm Weekly
1230 US Philly Fed Business Indx Sep
1230 US Retail Sales MM Aug
1315 US Industrial Production MM Aug
($1 = 6.9660 yuan)
(Reporting by Mai Nguyen in Hanoi; Editing by Rashmi Aich)
((mai.nguyen@thomsonreuters.com; +842438259623; Reuters Messaging: mai.nguyen.thomsonreuters.com@reuters.net))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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