April 11, 2018 / 2:20 AM / 3 months ago

METALS-London aluminium up for sixth day after LME suspends Rusal metal

    BEIJING, April 11 (Reuters) - London aluminium prices traded
higher for a sixth straight session on Wednesday, as the fallout
from U.S. sanctions on Russian producer United Company Rusal
 continues to roil metals markets. 
    The London Metal Exchange (LME) will suspend Rusal's
aluminium from its list of approved brands from April 17 after
some members raised concerns about settling LME contracts with
sanctioned companies, LME Chief Executive Matt Chamberlain told
Reuters.
        
    FUNDAMENTALS
    * LME ALUMINIUM: Three-month aluminium on the LME
was trading at $2,204 at 0151 GMT, up 0.1 percent from the
previous close but down from a 10-week high of $2,242 hit during
electronic trading on Tuesday after the LME said it would take
steps to keep Rusal aluminium out of its warehouses.
    * SHFE ALUMINIUM: The most-traded June aluminium contract on
the Shanghai Futures Exchange edged up 0.1 percent to
14,360 yuan ($2,286) a tonne.    
    * RUSAL: Rusal said on Wednesday that two of its
non-executive directors resigned after the company's inclusion
on a new list of U.S. sanctions targeting Russian companies and
their owners.
    * RUSAL BONDS: Rusal's dollar bonds slumped to record lows,
two major customers said they were reviewing their contracts,
and the LME distanced itself from the aluminium giant, in the
latest aftershocks from U.S. sanctions.
    * RIO: Rio Tinto Plc, is reviewing its
dealings with Rusal to ensure compliance with U.S. sanctions, a
top executive said on Tuesday, but added it was too soon to
discuss the future of its Australian venture with Rusal.

    * COPPER: The U.S. unit of China's oil major Sinopec Corp
 is procuring copper to send to its equipment suppliers
in China, two sources familiar with the matter told Reuters, a
rare move by a Chinese oil company.
    * COLOMBIA: Miner South32 Ltd said on Wednesday it
plans to appeal a ruling by Colombia's constitutional court that
it must pay damages over the health and environmental impact of
its Cerro Matoso nickel mine.
    * For the top stories in metals and other news, click       
 or     
        
    MARKETS NEWS    
    * Asian stocks were firm on Wednesday as investors lapped up
the positive mood in markets after China's President Xi Jinping
helped ease fears over a U.S.-China trade row, while the euro
hovered near two-week highs.    
        
    DATA AHEAD (GMT)
    0130  China Consumer prices Mar
    0130  China Producer prices Mar
    1230  U.S. Consumer prices Mar
    1500  U.S. Cleveland Fed CPI Mar
    1800  Federal Reserve releases minutes from its March 20-21 
    policy meeting
        
        
    PRICES     
 BASE METALS PRICES                         0151 GMT
 Three month LME copper                         6943
 Most active ShFE copper                       51150
 Three month LME aluminium                      2204
 Most active ShFE aluminium                    14360
 Three month LME zinc                           3249
 Most active ShFE zinc                         24515
 Three month LME lead                         2394.5
 Most active ShFE lead                         18530
 Three month LME nickel                        13655
 Most active ShFE nickel                      101370
 Three month LME tin                           21025
 Most active ShFE tin                         144290
                                                    
 BASE METALS ARBITRAGE                              
 LME/SHFE COPPER              LMESHFCUc3      454.01
 LME/SHFE ALUMINIUM           LMESHFALc3    -1726.37
 LME/SHFE ZINC                LMESHFZNc3      269.79
 LME/SHFE LEAD                LMESHFPBc3      103.17
 LME/SHFE NICKEL              LMESHFNIc3      150.85
 
    

($1 = 6.2816 Chinese yuan renminbi)

    
 (Reporting by Tom Daly; editing by Richard Pullin)
  
 
 
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