May 1, 2018 / 3:04 AM / 2 months ago

METALS-London aluminium, zinc prices slip on U.S. tariff delay

    MELBOURNE, May 1 (Reuters) - London aluminium and zinc
prices slipped on Tuesday after the United States delayed
aluminium and steel tariffs for some countries and announced
permanent exemptions for others, raising the prospect of better
metal supply.
    
    FUNDAMENTALS
    * TARIFFS: U.S. President Donald Trump has postponed the
imposition of steel and aluminium tariffs on Canada, the
European Union and Mexico until June 1, and has reached
agreements for permanent exemptions for Argentina, Australia and
Brazil, the White House said on Monday.
    * ALUMINIUM: London aluminium had slipped 0.6
percent to $2,242 a tonne by 0245 GMT, while LME zinc,
used to galvanise steel, fell 0.7 percent to $3,105 a tonne.
However, LME nickel, used by stainless steel makers,
climbed 0.4 percent.  
    * COPPER: London Metal Exchange copper edged down
0.1 percent to $6,798 a tonne. It has found support at the
200-day moving average at $6,800 a tonne. A break below this
level would likely trigger sales from momentum following funds. 
    * SHFE: The Shanghai Futures Exchange remained closed for a
second day of public holidays, reopening on Wednesday. 
    * DOLLAR: The dollar held steady near four-month highs on
Tuesday, awaiting the Federal Reserve's policy decision and key
U.S. employment data later in the week for fresh cues.
     * JAPAN PMI: Japanese manufacturing activity expanded at a
faster pace in April than the previous month, a revised survey
showed on Tuesday, as new orders accelerated in a sign the
economy is recovering from an expected rough patch in the first
quarter.
    * RUSAL: U.S. Treasury Secretary Steven Mnuchin on Monday
said the United States was not seeking to put Russian metals
giant Rusal out of business by hitting it with
sanctions, according to an interview with Bloomberg News.

    * For the top stories in metals and other news, click       
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    MARKETS NEWS    
    * U.S. stock futures pared small losses while Asian shares
were little changed on Tuesday after the U.S. extended the
deadline on steel and aluminium tariffs by one month to major
allies.    
        
    DATA/EVENT AHEAD (GMT)
    1400  U.S. ISM manufacturing PMI Apr
    1400  U.S.  Construction spending Mar
    U.S. Federal Reserve starts two-day monetary policy meeting
    PRICES    
 BASE METALS PRICES               0229 GMT             
 Three month LME copper                          6797.5
 Most active ShFE copper                              0
 Three month LME aluminium                         2243
 Most active ShFE aluminium                           0
 Three month LME zinc                            3103.5
 Most active ShFE zinc                                0
 Three month LME lead                              2318
 Most active ShFE lead                                0
 Three month LME nickel                           13680
 Most active ShFE nickel                              0
 Three month LME tin                                  0
 Most active ShFE tin                                 0
                                                       
 BASE METALS ARBITRAGE                                 
 
    
 (Reporting by Melanie Burton
Editing by Joseph Radford)
  
 
 
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