* LME/ShFE arb: http://tmsnrt.rs/2oQ5nm2
* China zinc premiums highest in nearly three years
(Adds closing prices)
By Maytaal Angel
LONDON, May 19 (Reuters) - Copper rose on Friday and ended
the week with a gain of more than 2 percent thanks to dollar
weakness and receding worries over China's economy, while zinc
surged more than 3 percent amid stock draws.
Stock markets in top metals consumer China ended the week
higher, snapping a five-week losing streak as soothing
regulatory comments and a central bank cash injection offset
worries about growth.
The dollar was on track for its worst week since August,
having given up almost all the gains made since Donald Trump was
elected U.S. president last year.
"Doubts on the China (growth) front have been fading for the
past week but increasing on the U.S. front and that's
constraining the upside," said Nitesh Shah, commodity strategist
at ETF Securities.
"I see metals treading water for the next few weeks, but
thereafter they are likely to increase (assuming) this negative
sentiment from the U.S. fades. In a year of political change in
China things aren't going to be allowed to fall off a cliff."
* PRICES: London Metal Exchange copper ended up 1.8
percent at $5,682 a tonne. Leading base metal price gains, zinc
closed up 3.3 percent at $2,616 a tonne, its strongest
weekly gain in nine weeks.
* GLOBAL MARKETS: World stocks headed for their first weekly
fall in five as uproar over Trump's firing of former FBI
director James Comey and his campaign's alleged ties with Russia
prompted uncertainty about his ability to push through his
economic policies any time soon.
* COPPER STOCKS: Copper stocks in warehouses monitored by
the Shanghai Futures Exchange rose 0.7 percent from last Friday
to 196,358 tonnes.
* CHINA ZINC: Premiums for zinc in China jumped by $10 to
$155 a tonne, the highest in nearly three years, as the gap
between local and global prices turned favourable for imports.
* CHINA ZINC: China is likely to step up imports of refined
zinc from this month, industry sources said, as dwindling global
supplies of concentrate hit local output of the metal.
* ZINC STOCKS: LME data showed 'on-warrant' or available
zinc stocks fell to 170,200 tonnes, their lowest since October
2008. <MZN-STOCKS>. Zinc stocks in warehouses monitored by the
Shanghai Futures Exchange fell 9.5 percent from last Friday to
* LEAD STOCKS: Lead stocks in China have surged above 80,000
tonnes to the highest since March 2014. <PB-STX-SGH>
* NICKEL SURPLUS: The global refined nickel market swung
into a small surplus in March after an increase in production
outpaced steady global demand, industry data showed.
* PRICES: Lead ended down 1.1 percent at $2,095, tin
closed up 1 percent at $20,400, aluminium ended
up 1.1 percent at $1,943.50, having hit its highest since late
April at $1,947 while nickel closed up 2 percent at
$9,360, having hit its highest since early May at $9,440.
($1 = 6.8915 Chinese yuan renminbi)
(Additional reporting by Melanie Burton; Editing by David Evans
and Elaine Hardcastle)
First Published: 2017-05-19 04:34:05
Updated 2017-05-19 18:24:59
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