April 10, 2018 / 2:10 AM / 7 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       
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    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)
  
 
 
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