April 10, 2018 / 2:10 AM / 5 months ago

METALS-Shanghai aluminium hits 5-week high; Xi speech in focus

    BEIJING, April 10 (Reuters) - Shanghai aluminium prices touched their highest in five weeks on Tuesday, pulled higher by U.S. sanctions on Russian producer United Company Rusal , as most base metals rose ahead of a key speech by Chinese President Xi Jinping.      China, the world's biggest aluminium producer, imported only 14,631 tonnes of primary aluminium from Russia in 2017, according to Chinese customs data, although Russia was still its top supplier of the metal.      Xi is addressing the Boao Forum for Asia in Hainan, with investors watching for comments on a brewing U.S.-China trade war that has roiled metals markets.              FUNDAMENTALS     * SHFE ALUMINIUM: The most-traded May aluminium contract on the Shanghai Futures Exchange climbed 1 percent to 14,280 yuan ($2,265.55) a tonne by 0138 GMT. It earlier touched 14,345 yuan a tonne, its highest since March 7.         * LME ALUMINIUM: Three-month aluminium on the London Metal Exchange was down 0.1 percent at 2,137.50 a tonne by 0130 GMT, having jumped 4.7 percent in the previous session on supply concerns after the United States imposed sanctions on Rusal.     * ALUMINIUM: Rio Tinto will be among the biggest winners from the U.S. sanctions imposed on Russian aluminium giant United Company Rusal as the penalties further shake up the global metals trade and boost costs for U.S. consumers, industry sources said on Monday.     * COLUMN: U.S. sanctions on Rusal threaten aluminium turmoil: Andy Home.     * COPPER: Three-month copper in London was up 0.6 percent at $6,871 a tonne, extending a 0.9 percent gain on Monday, while Shanghai copper climbed 1.1 percent to 50,920 yuan a tonne.         * COPPER Chile's state-owned miner Codelco (IPO-CIU.L), the world's biggest copper producer, said on Monday that it has reached a deal on a new collective labour contract with a union of professional workers at its Chuquicamata mine.     * CRU/CESCO: SolGold has received advances from a dozen big miners, including BHP and Vale , for its copper and gold discovery in Ecuador, an executive said on Monday, but has rejected them to develop the project alone.     * For the top stories in metals and other news, click         or                   MARKETS NEWS         * Asian shares edged lower on Tuesday as Wall Street retreated from its highs after the FBI raided the offices of U.S. President Donald Trump's long-time lawyer, dampening risk appetite already under strain from an escalating U.S.-China trade spat.                  PRICES   BASE METALS PRICES                          0138 GMT  Three month LME copper                          6871  Most active ShFE copper                        50920  Three month LME aluminium                       2136  Most active ShFE aluminium                     14280  Three month LME zinc                            3231  Most active ShFE zinc                          24585  Three month LME lead                            2384  Most active ShFE lead                          18475  Three month LME nickel                         13440  Most active ShFE nickel                       100610  Three month LME tin                            21210  Most active ShFE tin                          144750                                                        BASE METALS ARBITRAGE                                 LME/SHFE COPPER              LMESHFCUc3       618.23  LME/SHFE ALUMINIUM           LMESHFALc3     -1268.42  LME/SHFE ZINC                LMESHFZNc3       268.58  LME/SHFE LEAD                LMESHFPBc3       107.54  LME/SHFE NICKEL              LMESHFNIc3       514.57        ($1 = 6.3031 Chinese yuan)        (Reporting by Tom Daly; Editing by Biju Dwarakanath)       

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