April 25, 2018 / 3:10 AM / a month ago

METALS-London aluminium falls for 5th day as Rusal fears ease

    BEIJING, April 25 (Reuters) - London aluminium fell by as
much as 1.4 percent on Wednesday, retreating for a fifth
straight session, as the softening of the U.S. sanctions on
Russian producer United Company Rusal continued to
weigh on prices.
    The metal has now slipped by around 13 percent from a high
of $2,534.50 on April 23, the day the United States gave
American customers of Rusal more time to comply with sanctions.

            
    FUNDAMENTALS
    * LME ALUMINIUM: Three-month aluminium on the London Metal
Exchange was down by 1.4 percent to $2,196.50 a tonne by
0227 GMT, having closed down 3 percent on Tuesday.
    * SHFE ALUMINIUM: The most-traded June aluminium contract on
the Shanghai Futures Exchange was up 0.1 percent at
14,435 yuan ($2,290.43) a tonne.
    * RUSSIA: Russia's En+ Group, owned by recently sanctioned
businessman Oleg Deripaska, said its chief executive officer
(CEO) and its chief financial officer (CFO) resigned on Tuesday,
with replacements appointed to both posts.
    * FREEPORT: Shares of Freeport-McMoRan Inc fell more
than 14 percent on Tuesday after the miner revealed onerous
environmental demands from Indonesia's government that could
delay a new contract for its massive Grasberg copper mine.
    * CUBA: Cuba forecasts nickel plus cobalt sulfide production
will exceed 50,000 tonnes this year even as prices rise, the
head of the country’s state monopoly Cubaniquel was quoted by
local media as stating on Tuesday.
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    MARKETS NEWS    
    * Asian shares were under pressure on Wednesday, with a rise
in U.S. bond yields above the 3 percent threshold and warnings
from bellwether U.S. companies of higher costs driving fears
that corporate earnings growth may peak soon. {MKTS/GLOB]    
        
    DATA AHEAD (GMT)
    0645  France     Consumer confidence    Apr
        
    PRICES
 BASE METALS PRICES                         0244 GMT
 Three month LME copper                         6979
 Most active ShFE copper                       51660
 Three month LME aluminium                      2204
 Most active ShFE aluminium                    14430
 Three month LME zinc                           3224
 Most active ShFE zinc                         24445
 Three month LME lead                         2324.5
 Most active ShFE lead                         18290
 Three month LME nickel                        14140
 Most active ShFE nickel                      103560
 Three month LME tin                           21075
 Most active ShFE tin                         146470
                                                    
 BASE METALS ARBITRAGE                              
 LME/SHFE COPPER              LMESHFCUc3       408.5
 LME/SHFE ALUMINIUM           LMESHFALc3    -1703.56
 LME/SHFE ZINC                LMESHFZNc3      251.85
 LME/SHFE LEAD                LMESHFPBc3      455.05
 LME/SHFE NICKEL              LMESHFNIc3    -1599.24
 ($1 = 6.3023 Chinese yuan)

    
 (Reporting by Tom Daly; Editing by Gopakumar Warrier)
  
 
 
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