August 13, 2019 / 2:10 AM / 3 months ago

METALS-Shanghai aluminium hits 2-1/2-mth high as typhoon hits top producer

SINGAPORE, Aug 13 (Reuters) - Shanghai aluminium rose to its highest in more than two months on Tuesday, as a typhoon in China affected the world's top aluminium producer, raising concerns about supply disruptions.

Facilities belonging to China Hongqiao Group were damaged by flooding after Typhoon Lekima wreaked havoc in the smelting heartland of Shandong, according to a statement from an affiliate firm.

The most active aluminium contract on the Shanghai Futures Exchange hit 14,285 yuan ($2,024.20) a tonne, its highest since May 29. Three-month aluminium on the London Metal Exchange (LME) rose 0.2% by 0159 GMT.

FUNDAMENTALS

* PRICES: LME copper rose 0.2%, nickel edged up 0.1%, zinc advanced 0.1%, while lead eased 0.5%. Shanghai copper fell 0.1%, nickel increased 0.2%, zinc rose 1.2%, while lead fell 1%.

* INDONESIA: Indonesia aims to speed up enforcement of a ban on mineral ore exports that is currently due to come into force in 2020, news website Detik.com quoted coordinating minister for maritime affairs Luhut Pandjaitan as saying on Monday.

* NYRSTAR: Belgium's Nyrstar said on Monday it had shut down its zinc-lead smelter furnace in Port Pirie, Australia, after an incident, the second disruption at the plant this year.

* CHINA LOANS: China's banks extended surprisingly fewer new yuan loans in July, while growth of money supply and total social financing also slowed, raising pressure on the central bank to ease policy further to support the slowing economy.

* LME TRADING TIME: The LME will extend its final open-outcry trading sessions for all metals starting Sept. 23 after volumes jumped during a trial, it said on Monday.

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MARKETS NEWS

* Asian shares fell as fears about a drawn out Sino-U.S. trade war, protests in Hong Kong and a crash in Argentina's peso currency drove investors to safe harbours like bonds, gold, and the yen.

DATA/EVENTS (GMT)

0600 Germany HICP Final YY July

0830 UK Claimant Count Unem Change July

0830 UK ILO Umemployment Rate June

0900 Germany Zew Economic Sentiment August

0900 Germany Zew Current Conditions August

1230 US CPI MM, SA July

PRICES

Three month LME copper

Most active ShFE copper

Three month LME aluminium

Most active ShFE aluminium

Three month LME zinc

Most active ShFE zinc

Three month LME lead

Most active ShFE lead

Three month LME nickel

Most active ShFE nickel

Three month LME tin

Most active ShFE tin

ARBS ($1 = 7.0571 Chinese yuan renminbi) (Reporting by Mai Nguyen; editing by Richard Pullin)

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