April 24, 2018 / 2:13 AM / a month ago

METALS-Aluminium prices extend fall after U.S. reprieve for Rusal

    BEIJING, April 24 (Reuters) - Aluminium prices continued to
fall on Tuesday after Washington gave U.S. customers of Russian
producer United Company Rusal more time to close out
their business with the company and comply with sanctions. 
    The U.S. sanctions on Rusal, announced on April 6, last week
drove prices for the metal to their highest since mid-2011 on
fears that the global market could face shortages.
        
    FUNDAMENTALS
    * LME ALUMINIUM: Three-month copper on the London Metal
Exchange was down 1.7 percent at $2,250 a tonne by 0139
GMT. It fell by as much as 3.1 percent earlier in the session to
$2,223, its lowest since April 12, and slid by 7 percent on
Monday in its biggest one-day drop in eight years.
    * SHFE ALUMINIUM: The most-traded June aluminium contract on
the Shanghai Futures Exchange slipped 3.3 percent to
$14,445 yuan ($14,445.00) a tonne. 
    * RUSAL: The U.S. Treasury gave Americans until Oct. 23
instead of June 5 to wind down business with Rusal and said it
would consider lifting the sanctions if Rusal's major
shareholder, Russian tycoon Oleg Deripaska, ceded control of the
company.
    * INSIGHT: In December, as news reports emerged about
potential new U.S. sanctions against Russia, aluminium magnate
Deripaska instructed advisers to draw up contingency plans,
according to people close to the businessman and his firms.

    * NICKEL: The Philippines is planning to limit the amount of
land that miners can develop at any one time to boost
environmental rehabilitation, a move that miners say may cut
output of nickel ore in last year's top supplier to China.

    * CHILE: Chilean industrial conglomerate Empresas Copec
SA said on Monday it had reached an agreement with
Peru's Minsur S.A. to buy a 40-percent stake in a
holding company that owns a Peruvian copper mine project for
$168.5 million.
    * For the top stories in metals and other news, click       
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    MARKETS NEWS    
    * Asian stocks slipped and the U.S. dollar advanced on
Tuesday, as a deluge of U.S. government debt this week and the
spectre of inflation and a higher fiscal deficit drove U.S.
borrowing costs near four-year highs.    
        
    DATA AHEAD (GMT)
    0645  France     Business climate manufacturing Apr
    0800  Germany     Ifo business climate Apr
    1300  U.S.    Monthly Home Price Index Feb
    1300  U.S.    S&P/Case-Shiller housing index Feb
    1400  U.S.     New home sales Mar
    1400  U.S.    Richmond Fed composite index Apr
        
    PRICES        
 BASE METALS PRICES                         0139 GMT
 Three month LME copper                       6938.5
 Most active ShFE copper                       51500
 Three month LME aluminium                    2255.5
 Most active ShFE aluminium                    14445
 Three month LME zinc                         3233.5
 Most active ShFE zinc                         24475
 Three month LME lead                           2322
 Most active ShFE lead                         18355
 Three month LME nickel                        14235
 Most active ShFE nickel                      103770
 Three month LME tin                           21100
 Most active ShFE tin                         146820
                                                    
 BASE METALS ARBITRAGE                              
 LME/SHFE COPPER              LMESHFCUc3      465.23
 LME/SHFE ALUMINIUM           LMESHFALc3    -2108.86
 LME/SHFE ZINC                LMESHFZNc3       155.1
 LME/SHFE LEAD                LMESHFPBc3      455.71
 LME/SHFE NICKEL              LMESHFNIc3    -2509.99
 
    

($1 = $1.0000)

    
 (Reporting by Tom Daly
Editing by Joseph Radford)
  
 
 
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