September 28, 2018 / 2:01 AM / 2 months ago

METALS-Shanghai aluminium slips, heads for worst month since March

BEIJING, Sept 28 (Reuters) - Shanghai aluminium prices dropped for a fourth session on Friday and were on course for their steepest monthly drop since March after China decided not impose blanket cuts on industrial output in 28 northern cities this winter.

The production cuts are to be determined by local authorities, which the market expects to mean less restrictions on aluminium supply.

FUNDAMENTALS

* ALUMINIUM: Shanghai aluminium fell as much as 1.5 percent to 14,275 yuan ($2,073.02) a tonne, the lowest since July 23. The metal is heading for a 4.3 percent drop in September. London Metal Exchange aluminium nudged up 0.1 percent to $2,031.50 a tonne.

* LME COPPER: Three-month copper on the London Metal Exchange was up 0.2 to $6,199 a tonne, as of 0138 GMT, snapping four straight sessions of declines.

It has fallen 2.6 percent this week, putting it on course for its steepest weekly fall in six, although it is also heading for a 3.7 percent gain over September, which would be its best month since December 2017.

* SHFE COPPER: The most-traded November copper contract on the Shanghai Futures Exchange fell 0.9 percent to 49,950 yuan a tonne.

* GRASBERG: Global mining giants Freeport McMoRan Inc and Rio Tinto have struck a binding accord to sell a majority stake in the world’s second-biggest copper mine, Grasberg, to Indonesia’s state mining company, Inalum for $3.85 billion.

* LITHIUM: Albemarle Corp, the world’s largest lithium producer, aims to eventually end its dependence on two smaller units to fund growth as global appetite surges for electric-powered vehicles and consumer goods, its chief executive said in an interview.

* SOUTH AFRICA: South Africa unveiled a new regulatory charter for its mining industry on Thursday, a crucial step to attracting further investment to a sector laid low by depressed prices, soaring costs and murky policy.

* For the top stories in metals and other news, click or

MARKETS NEWS

* Shares in Asia inched higher on Friday, following gains on Wall Street overnight after news of robust U.S. economic growth, with the chairman of the Federal Reserve saying the United States does not face a large chance of near-term recession.

DATA AHEAD (GMT)

0645 France Consumer spending Aug

0645 France Consumer prices Sept

0645 France Producer prices Aug

0755 Germany Unemployment rate Sept

0830 UK GDP Q2

1230 U.S. Personal income Aug

1345 U.S. Chicago PMI Sept

PRICES

Three month LME copper

Most active ShFE copper

Three month LME aluminium

Most active ShFE aluminium

Three month LME zinc

Most active ShFE zinc

Three month LME lead

Most active ShFE lead

Three month LME nickel

Most active ShFE nickel

Three month LME tin

Most active ShFE tin

ARBS ($1 = 6.8861 Chinese yuan)

Reporting by Tom Daly, Editing by Sherry Jacob-Phillips

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