April 25, 2019 / 5:01 AM / a month ago

METALS-Shanghai aluminium nears 6-month high on demands hope

 (Updates prices)
    By Tom Daly
    BEIJING, April 25 (Reuters) - Most base metals advanced on
Thursday on hopes of a U.S.-China trade deal, with Shanghai
aluminium hitting a near six-month peak 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 0.8 percent
to 14,270 yuan ($2,120.83) a tonne, the highest since Oct. 31 by
mid-day, before closing 0.6 percent up at 14,240 yuan a tonne.
    "This recovery is mainly driven by the expectation of
China's stimulus to boost consumption of aluminium downstream
sectors such as automobiles and home appliances," Helen Lau,
analyst at Argonaut Securities, said in a note.
    "We are of view that the price rebound should not be
sustained in view of possible over-expectation of Chinese
stimulus, lacklustre auto market, high utilisation rates of
Chinese smelters and weak alumina prices," Lau added.
    * 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. 
    * CHINA: China's central bank has no intent to tighten or
relax monetary policy, a vice governor said on Thursday, as the
market debates how much more support Beijing will give the
economy after data showing signs of economic recovery.

    * COPPER: ShFE copper rose 0.4 percent to 49,180
yuan a tonne, while three-month LME copper eased 0.2
percent to $6,436 a tonne by 0708 GMT, 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       
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    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 = 6.7285 Chinese yuan renminbi)

    
 (Reporting by Tom Daly in Beijing;
Additional reporting by Mai Nguyen in Singapore;
Editing by Rashmi Aich and Shreejay Sinha)
  
 
 
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