November 1, 2018 / 2:23 AM / 12 days ago

METALS-Shanghai aluminium falls for 6th day, hits fresh 2-yr low

    BEIJING, Nov 1 (Reuters) - Shanghai base metals fell in
early trade on Thursday, with aluminium hitting a fresh two-year
low on concerns the Sino-U.S. trade row will hurt demand, as
another batch of weak data from top metals consumer China adding
to the negative sentiment.
    A private survey showed China's manufacturing sector barely
grew last month after stalling in September, a day after the
country's official Purchasing Managers' Index showed the slowest
growth in over two years.     
    
    FUNDAMENTALS
    * ALUMINIUM: The most traded December aluminium contract on
the Shanghai Futures Exchange was lower for a sixth
day, falling as much as 1.2 percent to 13,860 yuan ($1,989.38) a
tonne, the lowest since Oct. 24, 2016, putting Chinese smelters
under further pressure.
    * CHINA: The Caixin/Markit Manufacturing Purchasing
Managers' Index (PMI) for October edged up to 50.1 from 50.0 in
September, while an extended contraction in export orders
highlighted rising pressure on the economy as a trade war with
the United States intensified. 
     * COPPER: Three-month copper on the London Metal Exchange
 edged up 0.3 percent to $6,007 a tonne, while Shanghai
copper lost 0.8 percent to 48,780 yuan a tonne.    
    * NICKEL: Nickel, used to make stainless steel, slipped as
much as 2 percent in Shanghai to a six-month low of
96,330 yuan a tonne.
    * NICKEL: Production at Russia's Norilsk Nickel's
Bystrinsky copper project near the Chinese border surged in the
third quarter, the company said on Wednesday, indicating it was
making progress fixing a problem with equipment.   
    * VEDANTA: Indian miner Vedanta Ltd reported on
Wednesday a 34 percent fall in second-quarter net profit, hit by
lower revenue from its zinc operations, rising costs and the
shutdown of a smelter in southern India.
    * STEINWEG: Logistics and warehousing firm C. Steinweg has
been approved by the Shanghai Futures Exchange (ShFE) as an
official warehouse in mainland China, the company said on its
website.
    * For the top stories in metals and other news, click       
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    MARKETS NEWS    
    * Asian stocks rose on Thursday as bruised investor
sentiment got some relief from another robust Wall Street
session thanks to upbeat corporate earnings, while the dollar
hovered near a 16-month high on further signs of strength in the
world's largest economy.    
        
    DATA/EVENT AHEAD (GMT)    
    0145  China    Caixin manufacturing PMI final Oct
    1200  Bank of England announces interest rate decision
    1230  U.S.    Weekly jobless claims
    1400  U.S.      Construction spending Sep
    1400  U.S.      ISM manufacturing PMI    
    PRICES    
 BASE METALS PRICES                         0213 GMT
 Three month LME copper                       6007.5
 Most active ShFE copper                       48790
 Three month LME aluminium                      1960
 Most active ShFE aluminium                    13885
 Three month LME zinc                           2509
 Most active ShFE zinc                         21475
 Three month LME lead                         1933.5
 Most active ShFE lead                         18585
 Three month LME nickel                        11580
 Most active ShFE nickel                       96790
 Three month LME tin                           19160
 Most active ShFE tin                         145670
                                                    
 BASE METALS ARBITRAGE                              
 LME/SHFE COPPER              LMESHFCUc3      255.56
 LME/SHFE ALUMINIUM           LMESHFALc3     4702.24
 LME/SHFE ZINC                LMESHFZNc3      469.31
 LME/SHFE LEAD                LMESHFPBc3     1937.12
 LME/SHFE NICKEL              LMESHFNIc3     2191.54
 ($1 = 6.9670 Chinese yuan)

    
 (Reporting by Tom Daly; Editing by Amrutha Gayathri)
  
 
 
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