June 13, 2018 / 2:29 AM / 6 months ago

METALS-Base metal prices fall ahead of Fed rates decision

    BEIJING, June 13 (Reuters) - Base metals prices mostly fell
in early trade on Wednesday, led by Shanghai aluminium, which
sank to a six-week low, as investors awaited news from the U.S.
Federal Reserve's policy meeting, at which it is expected to
raise interest rates.
    Higher interest rates usually strengthen the dollar, making
dollar-denominated metals more expensive for holders of other
currencies weighing on prices. {nL4N1TE5EY]
    
    FUNDAMENTALS
    * SHFE ALUMINIUM: The most-traded August aluminium contract
on the Shanghai Futures Exchange was down 1.4 percent
at 14,675 yuan ($2,291) a tonne, as of 0157 GMT, having earlier
touched 14,570 yuan a tonne its lowest since May 2.
    * COPPER: Three-month copper on the London Metal Exchange
 fell 0.4 percent to $7,197 a tonne, trading lower for a
fourth straight session, while Shanghai copper shed 0.6
percent to 53,670 yuan a tonne.    
    * DRC: Democratic Republic of Congo state miner Gécamines
will drop legal proceedings to dissolve a copper and cobalt
joint venture with a subsidiary of Glencore Plc after
reaching a settlement with its partner that includes Gécamines
getting a $150 million payment. {nL1N1TE1YC]
    * PERU: Southern Copper Corp said on
Tuesday that it plans to start building its proposed $2.5
billion copper mine Michiquillay in Peru next year and will
likely start operations in 2022 - three years earlier than
previously forecast.
    * INSIGHT: After an Indian state shut a copper smelter run
by Vedanta Resources following deadly protests, the company
faces another challenge 1,000 miles away, where axe-toting
tribesmen and environmentalists have joined forces to demand the
closure of an alumina refinery.
    * ALUMINA: A court in the Brazilian state of Para denied a
bid by Norsk Hydro ASA to appeal the partial suspension
of bauxite refining operations at its Alunorte unit in another
blow to the world's largest alumina refinery.
    * LITHIUM: Miners are pushing to sharply boost lithium
output in the United States, as automakers in the world's third
biggest electric vehicle market are eager to cut their
dependence on China for the critical battery ingredient and find
more local sources.
    * For the top stories in metals and other news, click       
 or     
        
    MARKETS NEWS    
    * Asian shares edged slightly lower on Wednesday as
investors looked to the Federal Reserve policy decision and any
clues it might give on future rate hikes, shifting focus away
from the historic U.S.-North Korea summit in Singapore. 
       
        
    
    PRICES  
 BASE METALS PRICES                        0215 GMT
 Three month LME copper                        7197
 Most active ShFE copper                      53670
 Three month LME aluminium                     2289
 Most active ShFE aluminium                   14690
 Three month LME zinc                          3183
 Most active ShFE zinc                        24275
 Three month LME lead                          2477
 Most active ShFE lead                        20465
 Three month LME nickel                       15250
 Most active ShFE nickel                     114910
 Three month LME tin                          20910
 Most active ShFE tin                        150650
                                                   
 BASE METALS ARBITRAGE                             
 LME/SHFE COPPER              LMESHFCUc3      -38.2
 LME/SHFE ALUMINIUM           LMESHFALc3   -2351.84
 LME/SHFE ZINC                LMESHFZNc3     103.57
 LME/SHFE LEAD                LMESHFPBc3     630.44
 LME/SHFE NICKEL              LMESHFNIc3    -739.09
    
($1 = 6.4057 Chinese yuan renminbi)

    
 (Reporting by Tom Daly; editing by Richard Pullin)
  
 
 
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