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London copper, zinc recover in line with oil

MELBOURNE, Sept 26 (Reuters) – London metals rose on Tuesday amid a broader updraft for commodities after production cuts fuelled an oil price recovery, while demand prospects also brightened after the Asian Development Bank raised its forecast for China’s growth. FUNDAMENTALS * LME COPPER: London Metal Exchange copper rose by 0.9 percent to $6,508.50 a tonne by 0225 GMT after having closed flat in the previous session. Prices fell to the lowest since mid-August at $6,366 a tonne on Friday. * SHFE COPPER: Shanghai Futures Exchange copper rose 0.9 percent to 50,630 yuan ($7,645) a tonne. * SHFE METALS: Shanghai zinc rallied 3 percent, helped by a recovery in Shanghai rebar, which climbed by 1.5 percent. * CHINA GROWTH: The Asian Development Bank raised its outlook for China’s economic growth this year on the back of strong domestic consumption, an export recovery and solid growth in services. * OIL: Oil markets took a breather on Tuesday after prices jumped more than 3 percent in the previous session, with Turkey threatening to cut crude flows from Iraq’s Kurdistan region to the outside world. * BAUXITE: Bauxite mining companies have resumed normal operations in Guinea’s Boke region as local authorities try to negotiate a definitive end to unrest that has disrupted production for more than a week, sources familiar with the matter said on Monday. * TC/RCS: Tighter copper supply and an increase in refining capacity in top-consumer China should result in lower treatment and refining charges (TC/RCs) by smelters, the chief executive of Chilean miner Antofagasta PLC told Reuters on Monday. * MINING PERMITS: Brazil will reinstate a mining ban in a vast area of the Amazon rainforest, the government said on Monday, in an about-face that is a victory for environmentalists who feared deforestation. * For the top stories in metals and other news, click or MARKETS NEWS * Asian shares slumped on Tuesday while the dollar remained off recent highs against the yen against the backdrop of rising tensions on the Korean Peninsula. DATA/EVENT AHEAD (GMT) 0600 Germany Import prices Aug 0645 France Business climate Sep 1300 U.S. Case-Shiller housing index Jul 1400 U.S. Consumer confidence Sep 1400 U.S. New home sales Aug 1645 Federal Reserve Chair Janet Yellen speaks at Ohio event PRICES BASE METALS PRICES 0221 gmt Three month LME copper 6511.5 Most active ShFE copper 50640 Three month LME aluminium 2155 Most active ShFE aluminium 16550 Three month LME zinc 3131 Most active ShFE zinc 25690 Three month LME lead 2480 Most active ShFE lead 20675 Three month LME nickel 10660 Most active ShFE nickel 85210 Three month LME tin 20740 Most active ShFE tin 146650 BASE METALS ARBITRAGE LME/SHFE COPPER LMESHFCUc3 304.54 LME/SHFE ALUMINIUM LMESHFALc3 -19.89 LME/SHFE ZINC LMESHFZNc3 942.71 LME/SHFE LEAD LMESHFPBc3 271.56 LME/SHFE NICKEL LMESHFNIc3 1474.24 ($1 = 6.6228 Chinese yuan) (Reporting by Melanie Burton; Editing by Subhranshu Sahu)

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