May 17, 2019 / 2:06 AM / 3 months ago

METALS-Shanghai aluminium rises for 6th day, set for best week since Aug

    BEIJING, May 17 (Reuters) - Shanghai aluminium prices moved
higher for a sixth consecutive session in early trade on Friday,
as alumina refinery shutdowns in northern China's Shanxi
province raise production costs for the metal used in everything
from cans to cars.
    Aluminium is on course to gain 1.7% in Shanghai this week,
which would mark its best week since the one ended Aug. 24,
2018.
            
    FUNDAMENTALS
    * ALUMINIUM: The most traded July aluminium contract on the
Shanghai Futures Exchange rose as much as 0.5% to
14,420 yuan ($2,092.43) a tonne, the highest since Oct. 26, and
stood at 14,370 yuan a tonne as of 0147 GMT. London aluminium
 was down 0.5% at $1,850.50 a tonne after hitting a
two-week high in the previous session.
    * ALUMINA: Alumina prices in northern China SMM-ALM-NCHN
have now exceeded 3,000 yuan a tonne and touched their highest
since Dec. 10.
    * CHINA: Prior to the shutdowns, China's alumina output rose
4.2% y/y to 6.28 million tonnes in April, according to data
released on Thursday. The figure is the highest monthly total on
records on the bureau's website since June 2017.
    * HYDRO: A Brazilian federal court has lifted one of two
production embargoes on Norsk Hydro's Alunorte alumina
refinery, the company said on Thursday, raising hopes that full
production can soon resume. 
    * COLUMN: Chinese outages a reminder of aluminium's dirty
secret: Andy Home
    * OTHER METALS: Benchmark three-month copper on the London
Metal Exchange was down 0.3% at $6,080.50 a tonne, while
the rest of the LME complex was also trading lower, except for
tin. 
    * COPPER: Polish mining company KGHM may produce
more copper than planned at its Sierra Gorda mine in Chile in
2019, while keeping capital expenditure below target, its deputy
chief executive in charge of foreign assets said. 
    * For the top stories in metals and other news, click       
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    MARKETS NEWS    
    * Asian shares were trying to end a bleak week in the black
on Friday as upbeat U.S. economic news and solid company
earnings offered a respite from the interminable Sino-U.S. trade
saga.            
    PRICES    
 BASE METALS PRICES                            0147 GMT
 Three month LME copper                            6083
 Most active ShFE copper                          47880
 Three month LME aluminium                         1849
 Most active ShFE aluminium                       14370
 Three month LME zinc                            2617.5
 Most active ShFE zinc                            20995
 Three month LME lead                              1833
 Most active ShFE lead                            16185
 Three month LME nickel                           12120
 Most active ShFE nickel                          97900
 Three month LME tin                              19540
 Most active ShFE tin                            145480
                                                       
 BASE METALS ARBITRAGE                                 
 LME/SHFE COPPER               LMESHFCUc3       1553.73
 LME/SHFE ALUMINIUM            LMESHFALc3        -68.89
 LME/SHFE ZINC                 LMESHFZNc3        -15.18
 LME/SHFE LEAD                 LMESHFPBc3       1461.48
 LME/SHFE NICKEL               LMESHFNIc3       3332.31
 ($1 = 6.8915 Chinese yuan renminbi)

    
 (Reporting by Tom Daly; editing by Rashmi Aich)
  
 
 
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