METALS-Shanghai copper hits record high; London copper surpasses $9,000

(Updates prices) March 15 (Reuters) - Shanghai copper prices hit a record high on Friday while prices in London touched an 11-month peak, buoyed by a potential output cut in top producer China. Three-month copper on the London Metal Exchange (LME) CMCU3 advanced 1.3% to $8,998.50 per metric ton by 0951 GMT, after hitting $9,066.50 earlier in the session, the highest since April 2023. The most-traded May copper contract on the Shanghai Futures Exchange (SHFE) SCFcv1 closed up 2% at 73,130 yuan ($10,161.88) a ton, having surged to a record high of 73,270 yuan earlier in the session. Major Chinese copper smelters have reached an agreement to lower operation rates, adjust maintenance plans and postpone new projects, state-backed research house Antaike said on Thursday. China accounted for 47% of the global refined copper output last year, data from the World Bureau of Metal Statistics showed. It is also the world's biggest copper consumer. However, it is unclear whether the smelters will commit to the cuts and to what level. Meanwhile, demand outlook remained flat amid subdued economic growth and a lack of big stimulus support. "Copper has no reason for being here today. We should be selling it," said a metals trader. LME aluminium CMAL3 rose 0.8% to $2,270.50 a ton, nickel CMNI3 climbed 1.3% to $18,315, zinc CMZN3 advanced 1% to $2,572.50, tin CMSN3 was 1.5% higher at $28,670 while lead CMPB3 fell 1.4% to $2,128. SHFE aluminum SAFcv1 rose 0.2% to 19,295 yuan a ton, tin SSNcv1 advanced 1.1% to 225,700 yuan, nickel SNIcv1 edged up 0.1% to 141,870 yuan, while zinc SZNcv1 was little changed at 21,485 yuan and lead SPBcv1 fell 0.1% to 16,310 yuan. Prices were capped by a stronger dollar, which makes greenback-priced metals more expensive to holders of other currencies. Supply disruptions in nickel in Indonesia and zinc in South Korea helped push LME nickel and zinc prices, which are set for their fifth straight weekly gain. Mining quota delay in major nickel and tin producer Indonesia could be resolved by the end of March, a senior government official had said, which has capped further gains in prices. "This uptick occurs as bearish sentiment mellows with the perception that nickel prices have reached rock bottom, alongside short-term supply woes in Indonesia," said BMI analysts in a note. For the top stories in metals and other news, click TOP/MTL or MET/L ($1 = 7.1965 yuan) (Reporting by Mai Nguyen in Hanoi; Editing by Rashmi Aich, Sohini Goswami and Varun H K) (([email protected]; Reuters Messaging: [email protected])) ((For related news and prices, click on the codes in brackets: LME price overview RING= COMEX copper futures 0#HG: All metals news MTL All commodities news C Foreign exchange rates FX= SPEED GUIDES LME/INDEX ))