October 11, 2018 / 2:09 AM / 5 days ago

METALS-Base metal prices fall, tracking equities rout on macro fears

    BEIJING, Oct 11 (Reuters) - Base metals prices fell sharply
in Shanghai and London in early Asian trade on Thursday,
tracking a broad sell-off on equity markets as a gloomy
macro-economic outlook raised concerns over demand growth.
        
    FUNDAMENTALS
    * LME COPPER: Three-month copper on the London Metal
Exchange fell 1.1 percent to $6,171.50 a tonne by 0139
GMT, extending a 0.8 percent drop in the previous session.
    * SHFE COPPER: The most-traded November copper contract on
the Shanghai Futures Exchange slipped by 1.2 percent to
50,080 yuan ($7,234.49) a tonne.
    * OTHER METALS: Shanghai aluminium and nickel
 both fell around 1.6 percent, while zinc
slipped 1 percent. Lead and tin were the only
gainers, nudging up 0.3 and 0.5 percent, respectively.
    * ALUMINA: Norway's Norsk Hydro is focused on a
return to full output at its Alunorte alumina refinery in Brazil
and is not contemplating layoffs there, CEO Svein Richard
Brandtzaeg told Reuters on Wednesday.
    * ALUMINIUM: Rio Tinto is close to
restarting a sale process for some of its aluminium assets,
including a plant in Iceland, which have been valued at around
$350 million, two sources familiar with the matter said.
    * LITHIUM: Chile has called for lithium to be traded on the
London Metals Exchange to provide greater "clarity" about its
value, mining minister Baldo Prokurica said on Wednesday. 
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    * CHILE: The controlling shareholder in Chilean lithium
producer SQM, on Wednesday filed suit with
Chile's Constitutional Court to block a deal allowing the sale
of nearly one-fourth of the miner to China's Tianqi Lithium Corp
.
    * SHFE: The Shanghai Futures Exchange will add lead, zinc,
tin and nickel to its new physical trading platform from Oct.
18, the exchange said in a statement on Wednesday.
 
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    MARKETS NEWS    
    *  Asian share markets sank on Thursday after Wall Street
suffered its worst drubbing in eight months, a conflagration of
wealth that could threaten business confidence and investment
across the globe.    
        
    DATA AHEAD (GMT)
    0645  France    Consumer prices Sep
    1230  U.S.      Consumer prices Sep
    1230  U.S.      Weekly jobless claims
    1500  U.S.      Cleveland Fed CPI Sep        
        
    PRICES
 BASE METALS PRICES                        0141 GMT
 Three month LME copper                        6170
 Most active ShFE copper                      50060
 Three month LME aluminium                     2032
 Most active ShFE aluminium                   14240
 Three month LME zinc                          2599
 Most active ShFE zinc                        22560
 Three month LME lead                          1905
 Most active ShFE lead                        18210
 Three month LME nickel                       12600
 Most active ShFE nickel                     104240
 Three month LME tin                              0
 Most active ShFE tin                        147770
                                                   
 BASE METALS ARBITRAGE                             
 LME/SHFE COPPER              LMESHFCUc3        200
 LME/SHFE ALUMINIUM           LMESHFALc3   -2020.91
 LME/SHFE ZINC                LMESHFZNc3     429.13
 LME/SHFE LEAD                LMESHFPBc3    1671.16
 LME/SHFE NICKEL              LMESHFNIc3    1472.17
 
($1 = 6.9224 Chinese yuan renminbi)

    
 (Reporting by Tom Daly; editing by Richard Pullin)
  
 
 
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