SINGAPORE  - London nickel prices rebounded on Tuesday after two sessions of declines, hovering around a one-year peak, while the base metals complex was broadly higher.

Three-month nickel on the London Metal Exchange (LME) was up 0.3% at $14,345 a tonne, as of 0724 GMT. However, Shanghai nickel dropped 2% to 112,990 yuan ($16,415.81) a tonne, tracking previous session's declines in London.

Most base metals rose on the LME, but lost ground on the Shanghai Futures Exchange as investors eyed monetary policies from major central banks, including a highly expected policy easing by the U.S. Federal Reserve.

"It's like ebb and flow of the tide," said a base metals trader.

FUNDAMENTALS

PRICES: Benchmark copper edged up 0.1%, aluminium advanced 0.5% and zinc rose 0.8%. In Shanghai, copper    dropped 0.9%, aluminium declined 0.8% and lead slipped 0.8%.

COPPER DEFICIT: The global world refined copper market showed a 96,000 tonnes deficit in April, compared with a 42,000 tonnes deficit in March, the International Copper Study Group said in its latest monthly bulletin.            

ALUMINIUM: Global primary aluminium output fell to 5.246 million tonnes in June from revised 5.406 million tonnes in May, data from the International Aluminium Institute showed on Monday.

U.S. RARE EARTHS: U.S. President Donald Trump on Monday told the Pentagon to find better ways to procure a rare earth magnet used in speciality motors, warning that the nation's defence would suffer without adequate  stockpiles.            

LITHIUM: European Metals Holdings could begin operations at its Cinovec lithium project in the Czech Republic by mid-2022, and is holding preliminary discussions with potential customers, it said on Monday.            

MARKETS NEWS   

Expectations of policy easing by major central banks such as the Federal Reserve propped up global stocks, while the pound sagged as Britain braced for a new prime minister who could pave the way for a no-deal exit from the European Union.          

DATA/EVENTS

1200     Brazil     IPCA-15 Mid-Month CPI    July

1400     US         Existing Home Sales      June

1400     EU         Consumer Confid. Flash   July   

PRICES   

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 = 6.8830 Chinese yuan)

(Reporting by Mai Nguyen, Editing by Sherry Jacob-Phillips)

© Reuters News 2019