News: VMG METALS-Shanghai nickel climbs after rollercoaster week

BEIJING, Feb 2 (Reuters) - Shanghai nickel rose sharply on Friday after a rollercoaster week, tracking an overnight jump in London prices as investors took up new long positions.

FUNDAMENTALS

• SHFE NICKEL: The most traded May nickel contract SNIcv1 on the Shanghai Futures Exchange (ShFE) was up 2.7 percent at 105,140 yuan ($16,741.77) a tonne at 0215 GMT, reversing three straight days of losses. The metal, which opened up 3 percent, is on course for a weekly gain of 1 percent. [nL8N1PR401
• SHFE COPPER: The most-traded March copper contract on the ShFE SCFcv1 was down 0.2 percent at 53,050 yuan a tonne, as the dollar edged upward. A stronger dollar makes metals more expensive for holders of other currencies.
• LME COPPER: Three-month copper on the London Metal Exchange CMCU3 was unchanged at $7,119 a tonne, after ending flat in the previous session.
• CHILE: The powerful union at BHP's (BHP) Escondida copper mine, the world's largest, on Wednesday cast doubt on chances of starting talks on a new labour agreement with the company before formal negotiations scheduled for June.

• ANGOLA: Australia's VDM Group (VMG) said it has signed a heads of agreement with Jiangxi Copper <0358.HK> <600362.SS> regarding the latter's participation in the Cachoeiras do Binga copper project in Angola.
• SOUTH AFRICA: Glencore on Thursday said copper output in 2018 should rise to nearly 1.5 million tonnes as its Katanga mine in Democratic Republic of Congo ramps up to add roughly 150,000 tonnes, as well as 11,600 tonnes of cobalt.

• MADAGASCAR: Japan's Sumitomo Corp <8053.T> said on Thursday it has resumed production at the Ambatovy nickel-cobalt project in Madagascar from end-January after halting operations earlier last month due to damages caused by cyclone.

• BAUXITE: Guinean bauxite mining company La Guineenne des Mines (GDM) shipped the first ore from its project in the western Boke region on Thursday and will target exports of 2 to 4 million tonnes this year, its chief executive said.

  For the top stories in metals and other news, click [TOP/MTL] or [MET/L]

  MARKETS NEWS

• The euro neared multi-year peaks on Friday as talk of policy tightening in Europe and expectations that inflation is set to gear higher drove up borrowing costs globally.

[MKTS/GLOB]

DATA/EVENTS 1000 Euro zone Producer prices Dec

	1330  U.S.	 Nonfarm payrolls Jan 
	1330  U.S.	  Unemployment rate Jan 
	1445  U.S.	   ISM-New York index Jan 
	1500  U.S.	  Factory orders Dec	 
		 
	PRICES	 

BASE METALS PRICES 0208 GMT

 Three month LME copper	   CMCU3		 7117 
 Most active ShFE copper	  SCFcv1	   53050 
 Three month LME aluminium	CMAL3		 2226 
 Most active ShFE aluminium   SAFcv1	   14370 

 Three month LME zinc		 CMZN3		 3539 
 Most active ShFE zinc		SZNcv1	   26755 
 Three month LME lead		 CMPB3	   2668.5 
 Most active ShFE lead		SPBcv1	   19665 
 Three month LME nickel	   CMNI3		13925 
 Most active ShFE nickel	  SNIcv1	  105050 
 Three month LME tin		  CMSN3		21510 
 Most active ShFE tin		 SSNcv1	  148810 
												   
 BASE METALS ARBITRAGE							 

LME/SHFE COPPER LMESHFCUc3 999.38 LME/SHFE ALUMINIUM LMESHFALc3 -1808.05

 LME/SHFE ZINC				LMESHFZNc3	 365.3 
 LME/SHFE LEAD				LMESHFPBc3   -542.43 

LME/SHFE NICKEL LMESHFNIc3 1577.47

($1 = 6.2801 Chinese yuan renminbi)

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