November 30, 2018 / 2:14 AM / 14 days ago

METALS-Shanghai aluminium slips to fresh 2-yr low as China factory growth stalls

    BEIJING, Nov 30 (Reuters) - Chinese aluminium prices sunk to
their lowest in more than two years on Friday and were on course
for a third successive monthly drop, as stalling manufacturing
growth compounded plentiful supply amid relatively lenient
winter output curbs.
    China's official Purchasing Managers' Index fell to 50 in
November, missing market expectations and down from 50.2 in
October. The 50-point mark is considered neutral territory,
indicating no growth in activity or contraction on a monthly
basis.
    
    FUNDAMENTALS
    * ALUMINIUM: The most traded aluminium contract on the
Shanghai Futures Exchange fell as much as 0.6 percent
to 13,590 yuan ($1,956.55) a tonne, the lowest since Oct. 10,
2016, and stood at 13,610 yuan a tonne as of 0152 GMT. The metal
is heading for a 2.8 percent drop in November.
    * ALUMINIUM: Norwegian metals maker Norsk Hydro
said on Thursday it expects global primary aluminium demand
growth to slow next year, and that the company was being
impacted "heavily" by an output slowdown at a key alumina plant
in Brazil.
    * COPPER: Three-month copper on the London Metal Exchange
 was flat at $6,210 a tonne, heading for a monthly rise
of 3.6 percent, while the most traded ShFE copper contract edged
up 0.1 percent to 49,550 yuan a tonne.
    * INDONESIA: Indonesian President Joko Widodo called on
Thursday for an "immediate" end to issues holding up the
country's plans to acquire a majority stake in Freeport-McMoRan
Inc's giant Grasberg copper mine in Papua.
    * CODELCO: Chile's Codelco, the world's largest copper
producer, said on Thursday that mine output fell 3 percent in
the first nine months of the year as ore grades sharply
declined, leading to a 12 percent drop in pretax profit.

    * NICKEL: Shanghai nickel was the top performer,
seeing over 380,000 lots of trade and rising by 1.6 percent to
91,070 yuan a tonne. It tracked a 2.4 percent jump in London
nickel in the previous session.
    * For the top stories in metals and other news, click       
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    MARKETS NEWS
    * Share markets ticked slightly lower in early Asian trade
on Friday as investors await a closely watched meeting between
the Chinese and U.S. presidents in Argentina this weekend for
signs of a trade war detente.
        
    DATA AHEAD (GMT)
    0700  Germany    Import prices Oct
    0700  Germany   Retail sales Oct
    0745  France    Consumer prices Nov
    1000  Euro zone Unemployment rate Oct
    1445  U.S.      Chicago PMI Nov         
        
    PRICES    
 BASE METALS PRICES                          0201 GMT
 Three month LME copper                        6211.5
 Most active ShFE copper                        49570
 Three month LME aluminium                       1934
 Most active ShFE aluminium                     13605
 Three month LME zinc                          2461.5
 Most active ShFE zinc                          20370
 Three month LME lead                          1935.5
 Most active ShFE lead                          18215
 Three month LME nickel                         11040
 Most active ShFE nickel                        91110
 Three month LME tin                            18500
 Most active ShFE tin                          143620
                                                     
 BASE METALS ARBITRAGE                               
 LME/SHFE COPPER               LMESHFCUc3     -532.77
 LME/SHFE ALUMINIUM            LMESHFALc3    -1914.25
 LME/SHFE ZINC                 LMESHFZNc3     -149.74
 LME/SHFE LEAD                 LMESHFPBc3     1636.17
 LME/SHFE NICKEL               LMESHFNIc3      938.65
    
($1 = 6.9459 Chinese yuan renminbi)

    
 (Reporting by Tom Daly; editing by Sai Sachin Ravikumar)
  
 
 
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