April 20, 2018 / 2:24 AM / 3 months ago

METALS-London aluminium dips but on track for 7.6 pct weekly gain

    BEIJING, April 20 (Reuters) - London aluminium prices fell
for a second day on Friday as a rally driven by fears of a
supply shortage in the wake of U.S. sanctions on Russian
producer United Company Rusal looked to lose momentum.
    Still, the metal is on track for a weekly rise of around 7.6
percent, having climbed 11.9 percent last week in the wake of
the Rusal sanctions, its biggest weekly jump since 1988.
        
    FUNDAMENTALS
    * LME ALUMINUM: Three-month aluminium on the London Metal
Exchange was down 1.1 percent at $2,458.50 a tonne by
0207 GMT, after closing down 2.1 percent in the previous
session. Earlier on Thursday, it hit a near seven-year high of
$2,718.
    * SHFE ALUMINIUM: The most-traded June aluminium contract on
the Shanghai Futures Exchange was down 2.1 percent at
14,965 yuan ($2,382) a tonne.
    * NICKEL: LME nickel, which ended down 1.3 percent on
Thursday after hitting a three-year high earlier in the session
on fears the sanctions could be broadened to Nornickel
, was up 0.7 percent at $15,170 a tonne. It is on track
for a weekly gain of 8.8 percent, the most since November.
    * ALUMINIUM: Russian aluminium giant Rusal is stockpiling
large quantities of aluminium at one of its plants in Siberia
because U.S. sanctions imposed this month have prevented it from
selling the metal to customers, five sources close to the
company said.
    * ALUMINA: Kazakhstan is looking to open up new markets for
its alumina exports, concerned that U.S. sanctions on Russian
aluminium giant Rusal RUAL.MM could hit business and jobs.

    * BANKS: Lenders to Rusal are exploring how to get rid of
their exposure before a May deadline set by the United States,
as the fallout from fresh sanctions pulls Russian loan pricing
lower in Europe's secondary market.
    For the top stories in metals and other news, click       
 or     
        
    MARKETS NEWS    
    * Asian shares slipped on Friday as a warning on smartphone
demand from the world's largest contract chipmaker slugged the
tech sector, while lofty oil prices stirred inflation fears and
undermined sovereign bonds.    
        
    DATA/EVENT AHEAD (GMT)
    0600  Germany        Producer prices Mar
    1400  Euro zone        Consumer confidence flash Apr
    1645  Washington    G20 Finance Ministers hold news         
                            conference following their talks on
the sidelines of the spring meeting of the IMF and World Bank
       
    PRICES
    
    
 BASE METALS PRICES                         0207 GMT
 Three month LME copper                       6985.5
 Most active ShFE copper                       51600
 Three month LME aluminium                    2458.5
 Most active ShFE aluminium                    14965
 Three month LME zinc                           3247
 Most active ShFE zinc                         24460
 Three month LME lead                         2341.5
 Most active ShFE lead                         18270
 Three month LME nickel                        15175
 Most active ShFE nickel                      105640
 Three month LME tin                               0
 Most active ShFE tin                         146010
                                                    
 BASE METALS ARBITRAGE                              
 LME/SHFE COPPER              LMESHFCUc3      466.03
 LME/SHFE ALUMINIUM           LMESHFALc3    -3016.12
 LME/SHFE ZINC                LMESHFZNc3      178.65
 LME/SHFE LEAD                LMESHFPBc3      339.91
 LME/SHFE NICKEL              LMESHFNIc3    -6794.13
 
    


($1 = 6.2825 Chinese yuan renminbi)

    
 (Reporting by Tom Daly; editing by Richard Pullin)
  
 
 
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