April 25, 2019 / 2:46 AM / a month ago

METALS-Shanghai aluminium hits near 6-month high as demand seen rebounding

    BEIJING, April 25 (Reuters) - Most base metals advanced in
early trade on Thursday as investors hoped for a U.S.-China
trade deal, with Shanghai aluminium hitting a near six-month
high on expectations of higher consumption and lower stocks.    
     
    FUNDAMENTALS
    * ALUMINIUM: The most traded June aluminium contract on the
Shanghai Futures Exchange rose as much as 0.7 percent
to 14,255 yuan ($2,118.38) a tonne, the highest since Oct. 31,
further easing pressure on Chinese smelters' margins.
    * ALUMINIUM STOCKS: Aluminium inventories in London Metal
Exchange warehouses fell by 14,175 tonnes on Wednesday to 1.03
million tonnes, the lowest since October MAL-STOCKS. 
    * COLUMN: Global aluminium output flatlines as outages
offset ramp-ups: Andy Home 
    * COPPER: ShFE copper rose 0.7 percent to 49,310
yuan a tonne, while three-month LME copper was flat at
$6,448 a tonne, after closing up 0.6 percent on Wednesday.
    * COPPER: The world's top copper miner Codelco has added its
first hybrid dumptruck to its fleet at its El Teniente mine, the
company said on Wednesday, in a global mining industry that is
increasingly seeking to reduce its emissions and environmental
footprint.    
    * TRADE: U.S. Trade Representative Robert Lighthizer and
Treasury Secretary Steven Mnuchin will travel to Beijing for
trade talks beginning on April 30, the White House said in a
statement on Tuesday.
    * VALE: Brazilian miner Vale SA has filed a
lawsuit in the United States against BSG Resources Ltd to force
the firm to pay Vale $1.2 billion, as mandated by an arbitrator,
the company said on Wednesday.
    * DEEPSEA MINING: China and a quest for battery minerals
have injected momentum into a long U.N. process to agree a law
on deep sea mining, which could be adopted by the end of 2020,
if the political will exists, the head of the International
Seabed Authority (ISA) said.   
    * For the top stories in metals and other news, click       
 or     
        
    MARKETS NEWS    
    * Asian shares slipped as a surprise deterioration in German
business morale rekindled fears of slowing global growth, while
oil prices pulled back slightly after a sharp run-up earlier in
the week.    
        
    DATA/EVENT AHEAD (GMT)
1200    Brazil        IPCA-15 Mid-Month CPI    April
1230    US            Durable Goods            March
1230    US        Initial Jobless Claims weekly
Bank of Japan Governor Haruhiko Kuroda to speak to reporters at
the end of the central bank policy meeting
    
    PRICES        
 BASE METALS PRICES                      0217 GMT
 Three month LME copper                      6448
 Most active ShFE copper                    49300
 Three month LME aluminium                 1872.5
 Most active ShFE aluminium                 14245
 Three month LME zinc                        2743
 Most active ShFE zinc                      21425
 Three month LME lead                      1931.5
 Most active ShFE lead                      16525
 Three month LME nickel                     12415
 Most active ShFE nickel                    97680
 Three month LME tin                        19725
 Most active ShFE tin                      147140
                                                 
 BASE METALS ARBITRAGE                           
 LME/SHFE COPPER             LMESHFCUc3    258.57
 LME/SHFE ALUMINIUM          LMESHFALc3    -13.51
                                         
 LME/SHFE ZINC               LMESHFZNc3    -29.76
 LME/SHFE LEAD               LMESHFPBc3   1341.12
 LME/SHFE NICKEL             LMESHFNIc3   3224.77
                                         
 
($1 = 6.7292 Chinese yuan)

    
 (Reporting by Tom Daly; Editing by Subhranshu Sahu)
  
 
 
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