April 23, 2018 / 5:57 AM / 7 months ago

METALS-London aluminium rises as Rusal rally resumes

 (Adds Shanghai closing prices, updates London prices)
    BEIJING, April 23 (Reuters) - London aluminium prices rose
by as much as 1.7 percent on Monday as a rally driven by supply
concerns after the United States slapped sanctions on Russian
producer United Company Rusal regained momentum.
    The metal had closed down in the previous two sessions but
is still up by around 25 percent so far this month.
    Most other base metals also rose but London nickel
fell by as much as 2.2 percent, continuing its retreat from a
three-year high of $16,690 a tonne seen on April 19 as fears of
additional sanctions eased.
    "In general it seems that the markets and indeed its
participants all coped with the 'storm' and now it is a case of
letting the prices find a new level at which they are
comfortable," Malcolm Freeman, CEO of Kingdom Futures, wrote in
a note.
    However, the possibility of Germany going into a recession
may well see prices "testing the downside once again," he added.
      
    FUNDAMENTALS
    * LME ALUMINIUM: Three-month aluminium on the London Metal
Exchange was up 1 percent at $2,492.5 a tonne by 0709
GMT and touched an intraday high of $2,510.50 a tonne. On April
19, the metal hit a seven-year high of $2,718. 
    * SHFE ALUMINIUM: The most-traded June aluminium contract on
the Shanghai Futures Exchange ended flat at 15,035 yuan
 ($2,389.12) a tonne. 
    * RUSAL: Russian companies hit by U.S. sanctions, including
aluminium giant Rusal, have asked for 100 billion roubles ($1.6
billion) in liquidity support from the government, Finance
Minister Anton Siluanov was quoted by Interfax news agency as
saying on Friday.
    * 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 copper commission Cochilco forecast on
Friday that Chile would produce 5.76 million tonnes of the red
metal in 2018, up 4.3 percent from 2017, while estimating copper
prices at $3.06 per pound this year.       
    * COLUMN: Sanctions fever grips nickel as market rethinks
Russia risk: Andy Home.
    * For the top stories in metals and other news, click       
 or     
        
    MARKETS NEWS    
    * Asian stocks dipped on Monday as investors braced for a
bevy of earnings from the world's largest corporations, while
keeping a wary eye on U.S. bond yields as they approach peaks
that have triggered market spasms in the past.
    
    PRICES 
 BASE METALS PRICES                         0708 GMT
 Three month LME copper                         7019
 Most active ShFE copper                       51860
 Three month LME aluminium                      2500
 Most active ShFE aluminium                    15040
 Three month LME zinc                           3247
 Most active ShFE zinc                         24495
 Three month LME lead                         2344.5
 Most active ShFE lead                         18435
 Three month LME nickel                        14600
 Most active ShFE nickel                      104920
 Three month LME tin                           21610
 Most active ShFE tin                         148080
                                                    
 BASE METALS ARBITRAGE                              
 LME/SHFE COPPER              LMESHFCUc3      410.95
 LME/SHFE ALUMINIUM           LMESHFALc3    -3267.45
 LME/SHFE ZINC                LMESHFZNc3      152.47
 LME/SHFE LEAD                LMESHFPBc3      433.24
 LME/SHFE NICKEL              LMESHFNIc3    -3712.01
 ($1 = 6.2931 Chinese yuan)

    
 (Reporting by Tom Daly; editing by Richard Pullin and Gopakumar
Warrier)
  
 
 
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below