(Adds broker comment, updates prices) BEIJING, April 25 (Reuters) - London aluminium dropped as much as 1.6 percent on Wednesday, retreating for a fifth straight session as the softening of U.S. sanctions on Russian producer United Company Rusal continued to weigh on prices. The metal has now slipped by around 13 percent from a high of $2,534.50 on April 23, the day the United States gave U.S. customers of Rusal more time to comply with sanctions. Most other base metals also fell on a stronger dollar, which makes metals more expensive for holders of other currencies. The three-month prompt delivery London Metal Exchange (LME) contracts are now in late July and "moving toward the summer shutdown season, (so) metals could well come under further pressure and drift lower," Malcolm Freeman, CEO of Kingdom Futures, wrote in a note. FUNDAMENTALS * LME ALUMINIUM: Three-month aluminium on the London Metal Exchange was down 1.4 percent at $2,197 a tonne at 0721 GMT, having closed down 3 percent on Tuesday. Earlier in the session, it touched a low of $2,191. * SHFE ALUMINIUM: The most-traded June aluminium contract on the Shanghai Futures Exchange fell for a fourth day, closing down 0.1 percent at 14,405 yuan ($2,282.52) a tonne. * RUSSIA: Russia's En+ Group, owned by recently sanctioned businessman Oleg Deripaska, said its chief executive officer and its chief financial officer resigned on Tuesday, with replacements appointed to both posts. * ALNORTE: Norsk Hydro ASA has halted alumina output at two of seven production lines at its Alunorte alumina refinery in Brazil, its CEO said on Wednesday. * NICKEL: London nickel climbed 0.5 percent to $14,060 a tonne, trading higher for the first time in five days after falling 8.4 percent from April 19 as fears of sanctions spreading eased. * FREEPORT: Shares of Freeport-McMoRan Inc fell more than 14 percent on Tuesday after the miner revealed onerous environmental demands from Indonesia's government that could delay a new contract for its massive Grasberg copper mine. For the top stories in metals and other news, click or MARKETS NEWS * Asian shares fell on Wednesday as a rise in U.S. bond yields above 3 percent and warnings from bellwether U.S. companies of higher costs drove fears that a boom in corporate earnings may be near its peak. PRICES BASE METALS PRICES 0721 GMT Three month LME copper 6968.5 Most active ShFE copper 51530 Three month LME aluminium 2197 Most active ShFE aluminium 14405 Three month LME zinc 3194 Most active ShFE zinc 24160 Three month LME lead 2317 Most active ShFE lead 18215 Three month LME nickel 14045 Most active ShFE nickel 103300 Three month LME tin 21070 Most active ShFE tin 146010 BASE METALS ARBITRAGE LME/SHFE COPPER LMESHFCUc3 312.42 LME/SHFE ALUMINIUM LMESHFALc3 -1735.93 LME/SHFE ZINC LMESHFZNc3 158.03 LME/SHFE LEAD LMESHFPBc3 402.45 LME/SHFE NICKEL LMESHFNIc3 -1474.85 ($1 = 6.3110 Chinese yuan renminbi) (Reporting by Tom Daly; Editing by Gopakumar Warrier, Sherry Jacob-Phillips and Joseph Radford)
Our Standards: The Thomson Reuters Trust Principles.