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December 6, 2017

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Copper gains

Melbourne: ShFE copper gained 0.06 percent, while aluminium slipped by 0.44 percent. Chinese metals futures were mixed in early trading on Tuesday, with nickel leading gainers on the back of stronger steel prices.
UBS bank has upgraded its electric vehicle forecasts, which it said has led to 3-4 percent increase in its 2020-2021 nickel price outlook.
The metal is widely used in batteries for electric cars.
But UBS warned that in the meantime a "vast inventory pile of metal and ore means that it will be difficult to see nickel prices above marginal mining costs of $6 per pound ($13,230 a tonne).
The most-traded nickel contract on the Shanghai Futures Exchange had gained 0.52 percent to 91,940 yuan ($13,891.37) a tonne by 0145 GMT .
Three-month nickel on the London Metal Exchange slipped modestly to $13,355 a tonne, reversing a modest overnight gain.

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