December 30, 2019 / 1:57 AM / a month ago

METALS-London aluminium falls after Hydro restarts Brazil operations

    BEIJING, Dec 30 (Reuters) - London aluminium prices fell in
early trade on Monday and were on course for their first daily
drop in seven sessions after Norsk Hydro said it had
resumed bauxite production in Brazil and was ramping up alumina
output.     
    Bauxite is a rock refined to make alumina, which is then
used to produce aluminium metal. A power outage earlier this
month had affected production at Hydro's Paragominas mine and
Alunorte alumina refinery, supporting aluminium prices.     
    
    FUNDAMENTALS
    * ALUMINIUM: Three-month aluminium on the London Metal
Exchange fell 0.3% to $1,819 by 0137 GMT after closing
up 0.6% on Friday. The most traded February aluminium contract
 on the Shanghai Futures Exchange rose 0.5% to 14,130
yuan ($2,019.90) a tonne as ShFE stocks continue to fall.
  
    * ALUMINIUM: Premiums for aluminium shipments to Japan for
the first quarter of 2020 were set at $83 per tonne, down 14%
from the previous quarter amid soft demand from electronics and
auto companies, two sources directly involved in the pricing
talks said.
    * CHINA: Ge Honglin, the former chairman of state-owned
Chinese aluminium firm Chinalco, has been named as the new head
of the China Nonferrous Metals Industry Association.
  
    * COPPER: LME copper edged up 0.2% to $6,227.50 a
tonne in holiday-thinned trade, while ShFE copper fell 0.5% to
49,420 yuan a tonne. 
     * LITHIUM: SQM, the world's No. 2 lithium producer, said on
Friday it "regrets" a ruling by a Chilean environmental court
that it should be prosecuted over excessive water use in the
country's northern Atacama Desert. 
    * INDIUM: An auction of around 3,609 tonnes of indium
formerly held by China's now-defunct Fanya Metal Exchange is due
to end at 0200 GMT.
    * For the top stories in metals and other news, click    
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    DATA AHEAD (GMT)
0600 Russia Markit Mfg Nov 
0800 Spain GDP Q3
0800 Spain HICP Flash YY Dec
0800 Switzerland KOF Indicator Dec 
1230* Brazil Primary Budget Surplus Nov
1445* U.S. Chicago PMI Dec
1500 U.S. Pending Home Sales Change MM Nov
1530 U.S. Texas Manufacturing Outlook Survey Dec
*approximate release time   
        
    PRICES        
 BASE METALS PRICES                       0132 GMT
 Three month LME copper                     6224.5
 Most active ShFE copper                     49410
 Three month LME aluminium                    1819
 Most active ShFE aluminium                  14125
 Three month LME zinc                         2310
 Most active ShFE zinc                       18080
 Three month LME lead                         1929
 Most active ShFE lead                       15190
 Three month LME nickel                      14240
 Most active ShFE nickel                    111890
 Three month LME tin                         17055
 Most active ShFE tin                       136210
 
    ($1 = 6.9954 yuan)

 (Reporting by Tom Daly; Editing by Shailesh Kuber)
  
 
 
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