April 26, 2018 / 2:26 AM / 7 months ago

METALS-London aluminium resumes decline as LME reassesses Rusal metal

    BEIJING, April 26 (Reuters) - London aluminium slipped 1.3
percent lower on Thursday, after snapping a four-day losing
streak in the previous session, as the deadline extension to
comply with U.S. sanctions on Rusal, one of the
world's biggest aluminium producers, pulled down prices.
    The metal is down by over 18 percent from the seven-year
high of $2,718 it hit on April 19 in the wake of the sanctions,
which left the market fearing a supply shortage.
    
    FUNDAMENTALS
    * LME ALUMINIUM: Three-month aluminium on the London Metal
Exchange was down 1.3 percent at $2,217 a tonne, as of
0219 GMT, after ending 0.8 percent higher on Wednesday.

    * SHFE ALUMINIUM: The most-traded June aluminium contract on
the Shanghai Futures Exchange edged down 0.4 percent to
14,380 yuan ($2,273.30) a tonne. 
    * RUSAL: The London Metal Exchange said on Wednesday it
would analyse the implications of U.S. sanctions in relation to
Rusal's metal after the Treasury Department gave customers of
the aluminium producer more time to comply.
    * ZINC: Shanghai zinc was the biggest loser in the
base metals complex, falling 2.8 percent to 23,735 yuan a tonne
and touching its lowest since April 18. It tracked a 2.4 percent
plunge in LME zinc on Wednesday after inventories in LME
warehouses MZN-STOCKS surged by 28,150 tonnes or 15.5 percent.
    * ANGLO AMERICAN: Diversified miner Anglo American
opened an office in Shanghai on Wednesday, a company spokesman
said, boosting its presence in the world's top consumer of
commodities. 
    * NICKEL: Global demand for nickel is expected to increase
to 2.34 million tonnes in 2018 versus 2.19 million in 2017, the
International Nickel Study Group (INSG) said on Wednesday.
   
    * VALE: Vale SA, the world's largest iron ore
producer, posted a 36 percent slump in first-quarter profit
compared to the same quarter a year earlier, missing estimates,
as costs rose and iron ore prices slipped, results showed on
Wednesday.    
    
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    MARKETS NEWS    
    * Asian stocks edged up on Thursday as robust corporate
earnings helped Wall Street quell concerns over a surge in U.S.
bond yields, while the dollar hovered near three-month highs
against a basket of currencies.    
        
    DATA/EVENT AHEAD (GMT)
    0600  Germany     GfK consumer sentiment May
    1145  European Central Bank interest rate announcement
    1230  ECB President Mario Draghi holds news briefing
    1230  U.S.      Durable goods Mar
    1230  U.S.       Advance goods trade balance Mar
    1230  U.S.         Wholesale inventories Mar
    1230  U.S.      Weekly jobless claims
    
    PRICES    
 BASE METALS PRICES                          0219 GMT
 Three month LME copper                          6975
 Most active ShFE copper                        51670
 Three month LME aluminium                       2217
 Most active ShFE aluminium                     14375
 Three month LME zinc                          3122.5
 Most active ShFE zinc                          23735
 Three month LME lead                            2313
 Most active ShFE lead                          18190
 Three month LME nickel                         14060
 Most active ShFE nickel                       103140
 Three month LME tin                            21220
 Most active ShFE tin                          146950
                                                     
 BASE METALS ARBITRAGE                               
 LME/SHFE COPPER              LMESHFCUc3       290.41
 LME/SHFE ALUMINIUM           LMESHFALc3      -1917.9
 LME/SHFE ZINC                LMESHFZNc3       247.34
 LME/SHFE LEAD                LMESHFPBc3       395.66
 LME/SHFE NICKEL              LMESHFNIc3     -1875.19
   
($1 = 6.3256 Chinese yuan)

    
 (Reporting by Tom Daly, Editing by Sherry Jacob-Phillips)
  
 
 
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