January 29, 2019 / 2:18 AM / 3 months ago

METALS-Aluminium prices edge up following steep drop in last session

    BEIJING, Jan 29 (Reuters) - London aluminium prices inched
up early on Tuesday following a plunge in the previous session,
with investors' focus returning to inventories and the upcoming
U.S. Federal Reserve meeting.
    Monday's drop came after the United States lifted sanctions
on Russian aluminium producer Rusal, easing fears of a
supply squeeze.
    
    FUNDAMENTALS
    * ALUMINIUM: Three-month aluminium on the London Metal
Exchange had climbed 0.2 percent to $1,970.50 a tonne by
0146 GMT, after falling 2.7 percent in the previous session. The
most-traded March aluminium contract on the Shanghai Futures
Exchange declined as much as 1 percent to 13,405 yuan 
($1,986.37) a tonne before recovering to 13,460 yuan. 
    * RUSAL: Aluminium users around the world will pay less for
their material after the United States lifted sanctions on major
producer Rusal, but U.S. tariffs on imports of the metal mean
limited gains for the country's consumers.
    * STOCKS: Inventories of aluminium stand at 1.3 million
tonnes in warehouses approved by the LME MAL-STOCKS, near
their lowest since May 2018. The LME said on Monday it would
start accepting all Rusal metal into its warehouses again.
    * U.S.-CHINA: The United States on Monday announced criminal
charges against China's Huawei Technologies Co Ltd, escalating a
fight with the world's biggest telecommunications equipment
maker and coming days before trade talks between Washington and
Beijing. Huawei did not respond to requests for comment on the
charges.
    * OTHER METALS: London copper prices were flat at
$6,003.50 a tonne, while ShFE copper edged down 0.2
percent. London zinc was the worst performer, falling
0.9 percent to $2,655.50 a tonne.
    * VALE: Brazil's government weighed pushing for a management
overhaul at iron ore miner Vale SA on Monday as grief
over the hundreds feared killed by a dam burst turned into
anger, with prosecutors, politicians and victims' families
calling for punishment.
    * COLUMN: A record-breaking year for China's metals trade:
Andy Home
    * For the top stories in metals and other news, click       
 or     
        
    MARKETS NEWS    
    * Asian shares faltered on Tuesday and the dollar hovered
near two-week lows.    
        
    DATA/EVENTS AHEAD (GMT)
0745    France        Consumer Confidence Jan
1400    US               CaseShiller 20 MM SA Nov
1500    US               Consumer Confidence Jan
U.S. Federal Reserve's Federal Open Market Committee
(FOMC)starts its two-day meeting on interest rates.     
        
    PRICES    
 BASE METALS PRICES                       0156 GMT
 Three month LME copper                       6004
 Most active ShFE copper                     47520
 Three month LME aluminium                  1872.5
 Most active ShFE aluminium                  13455
 Three month LME zinc                       2653.5
 Most active ShFE zinc                       21600
 Three month LME lead                         2078
 Most active ShFE lead                       17695
 Three month LME nickel                      11830
 Most active ShFE nickel                     94820
 Three month LME tin                             0
 Most active ShFE tin                       148200
                                                  
 BASE METALS ARBITRAGE                            
 LME/SHFE COPPER              LMESHFCUc3         0
 LME/SHFE ALUMINIUM           LMESHFALc3         0
                                          
 LME/SHFE ZINC                LMESHFZNc3         0
 LME/SHFE LEAD                LMESHFPBc3         0
 LME/SHFE NICKEL              LMESHFNIc3         0
                                          
 
($1 = 6.7485 Chinese yuan renminbi)

    
 (Reporting by Tom Daly; Editing by Joseph Radford)
  
 
 
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