SYDNEY, Nov 8 (Reuters) – Nickel and copper led an across-the-board-decline in Chinese base metals on Wednesday, triggered by a sharp selloff overnight in London metals markets.
Investors locked in near-20 percent gains in the nickel market over the past month, with selling was sparked by data showing that higher prices have enticed more nickel ore exports from Indonesia, ANZ Bank said.
Indonesia’s Energy and Mineral Resources Ministry on Tuesday said it has issued export quota recommendations for 20.4 million tonnes of nickle ore.
* LME NICKEL: London Metal Exchange three-month nickel was marginally weaker at $12,635 a tonne at 0100 GMT after falling 2.1 percent on Tuesday
* SHFE NICKEL: The most-traded nickel contract on the Shanghai Futures Exchange dropped 1.6 percent to 100,960 yuan ($15,209) a tonne.
* ANGLO/DREYFUS: Mining giant Anglo American is among several companies interested in buying commodity trader Louis Dreyfus’s metals business, three trading and banking sources told Reuters.
* OIL VS ELECTRIC: A rapid adoption of electric vehicles could cause world oil demand to reach a plateau in the second half of the 2030s, OPEC said in a report, a potential setback for the oil exporter group’s longer term prospects.
* LONDON COPPER: LME copper was slightly firmer at $6,843 a tonne, partially offsetting a 2.1 percent loss overnight.
* SHFE COPPER: ShFE copper was down 1.6 percent.
* DOLLAR SLIPS: The dollar was a slim 0.1 percent lower against a basket of currencies,
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* Asian shares paused at decade peaks and the dollar dipped on Wednesday amid concerns Republican plans for major U.S. tax cuts were running into headwinds even before the Senate releases its own version of the proposals.
DATA AHEAD (GMT) * China Trade data Oct 0745 France Trade data Sep
*No fixed timing
Three month LME copper
Most active ShFE copper
Three month LME aluminium
Most active ShFE aluminium
Three month LME zinc
Most active ShFE zinc
Three month LME lead
Most active ShFE lead
Three month LME nickel
Most active ShFE nickel
Three month LME tin
Most active ShFE tin
ARBS ($1 = 6.6380 Chinese yuan renminbi)
Reporting by James Regan
Editing by Richard Pullin