August 30, 2018 / 2:35 AM / 3 months ago

METALS-Aluminium slips from 2-month high as U.S. eases metal import quotas

    BEIJING, Aug 30 (Reuters) - London aluminium prices fell for
the first time in six sessions in early Asian trade on Thursday,
after U.S. President Donald Trump allowed relief on aluminium
import quotas from Argentina.
    Trump, who put in place tariffs on steel and aluminium
imports in March, signed proclamations allowing relief from the
quotas on steel from South Korea, Brazil and Argentina and on
aluminium from Argentina, the U.S. Commerce Department said in a
statement on Wednesday. 
    
    FUNDAMENTALS
    * LME ALUMINIUM: Three-month aluminium on the London Metal
Exchange fell 0.7 percent to $2,157 a tonne by 0213 GMT,
after jumping 1.8 percent in the previous session. It hit a
two-month high of $2,178 on Thursday and has climbed for five
straight days on rising input costs for smelters.
    * SHFE ALUMINIUM: The most-traded October aluminium contract
on the Shanghai Futures Exchange fell 0.2 percent to
14,930 yuan ($2,187.55) a tonne. It earlier rose as much as 0.5
percent towards Thursday's two-month high of 15,100 yuan.
    * OTHER METALS: LME copper edged down 0.2 percent to
$6,077 a tonne, while in Shanghai copper was trading
0.6 percent lower. Shanghai lead was the biggest
gainer, rising 1.4 percent on concerns of a tightening
environmental crackdown in China.
    * GRAPHIC: Copper prices have recovered from a recent rout,
but the possibility of the trade dispute between Washington and
Beijing escalating and its potential to crimp demand in China,
the world's top consumer, is expected to cap gains.
    * CHILE: Striking workers at state-owned Codelco's Andina
copper mine have rejected their employers' latest contract
offer, the company and union said on Wednesday.
    * FREEPORT: Indonesia will extend a special mining permit
for PT Freeport Indonesia for another month to September, Energy
and Mineral Resources Minister Ignasius Jonan told reporters on
Wednesday.
    * ANTO: Antofagasta Plc expects its board to
approve a $1.3 billion expansion of its Los Pelambres copper
mine before the end of the year with construction starting in
January, the Chilean miner's chief executive officer said on
Wednesday.
    * For the top stories in metals and other news, click       
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    MARKETS NEWS    
    * Asian stocks rose on Thursday as Wall Street hit record
highs in the hope that the current North American Free Trade
Agreement (NAFTA) negotiations will lead to a further easing of
global trade tensions.    
        
    DATA AHEAD (GMT)
    0600  Germany     Import prices Jul
    0755  Germany   Unemployment rate Aug
    0900  Euro zone Business climate Aug
    1200  Germany   Consumer prices Aug
    1230  U.S.      Personal income Jul
    1230  U.S.      Weekly jobless claims        
        
    
    PRICES    
 BASE METALS PRICES                        0155 GMT
 Three month LME copper                      6074.5
 Most active ShFE copper                      48630
 Three month LME aluminium                     2162
 Most active ShFE aluminium                   14945
 Three month LME zinc                          2503
 Most active ShFE zinc                        21195
 Three month LME lead                          2090
 Most active ShFE lead                        18500
 Three month LME nickel                       13450
 Most active ShFE nickel                     109680
 Three month LME tin                          19030
 Most active ShFE tin                        146070
                                                   
 BASE METALS ARBITRAGE                             
 LME/SHFE COPPER              LMESHFCUc3     537.78
 LME/SHFE ALUMINIUM           LMESHFALc3   -2077.98
 LME/SHFE ZINC                LMESHFZNc3     675.12
 LME/SHFE LEAD                LMESHFPBc3     964.99
 LME/SHFE NICKEL              LMESHFNIc3    2496.46
 
($1 = 6.8250 Chinese yuan renminbi)

    
 (Reporting by Tom Daly; editing by Richard Pullin)
  
 
 
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