(Adds Shanghai closing prices, updates London prices)
BEIJING, April 10 (Reuters) - London aluminium prices rose
for a fifth straight day on Tuesday, striking a five-week high,
as U.S. sanctions on Russian producer United Company Rusal
continue to fuel concerns over supply.
London aluminium is up 7.1 percent over the past three
trading days, whereas aluminium prices in top producer China
have risen only 1.9 percent since the Rusal sanctions were
announced on Friday.
"The (Chinese) domestic market is very clearly in a
surplus," said CLSA analyst Victor You, adding that Shanghai
aluminium prices were likely rising solely because of the London
Metal Exchange (LME) price gains.
China imported only 14,631 tonnes of primary aluminium from
Russia in 2017, according to Chinese customs data, although
Russia was still its top foreign supplier of the metal.
FUNDAMENTALS
* LME ALUMINIUM: Three-month aluminium on the London Metal
Exchange was up 0.6 percent at $2,151.50 a tonne by 0736
GMT, having jumped 4.8 percent in the previous session, its
biggest daily jump since November 2011. It earlier touched
$2,157.50 a tonne, the highest since March 5.
* SHFE ALUMINIUM: The most-traded May aluminium contract on
the Shanghai Futures Exchange closed up 0.8 percent at
14,255 yuan a tonne. It earlier hit 14,345 yuan a tonne, the
highest since March 7.
* ARB: The arbitrage between ShFE and LME aluminium prices
, which has helped keep Chinese aluminium exports
buoyant in recent months, narrowed by 72.29 yuan to a discount
of 1,325.70 yuan a tonne on Tuesday.
* GLENCORE: Swiss-based trader Glencore said on
Tuesday it would not "at this time" be swapping its shares in
Rusal for Global Depository Receipts in EN+ due to U.S.
sanctions on both firms.
* ALUMINIUM: Rio Tinto will be among the
biggest winners from the U.S. sanctions imposed on Rusal as the
penalties further shake up the global metals trade and boost
costs for U.S. consumers, industry sources said on Monday.
* COLUMN: U.S. sanctions on Rusal threaten aluminium
turmoil: Andy Home.
* COPPER: Three-month copper in London was up 1
percent at $6,895.50 a tonne, extending a 0.9 percent gain on
Monday, while Shanghai copper closed up 1.2 percent at
50,950 yuan a tonne.
* For the top stories in metals and other news, click
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MARKETS NEWS
* U.S stock futures rallied, Asian equities bounced and the
safe haven yen fell on Tuesday, as Chinese President Xi Jinping
promised to lower import tariffs on products including cars,
helping soothe investor jitters over an escalating U.S.-China
trade row.
PRICES
BASE METALS PRICES 0736 GMT
Three month LME copper 6895.5
Most active ShFE copper 50950
Three month LME aluminium 2151.5
Most active ShFE aluminium 14255
Three month LME zinc 3241
Most active ShFE zinc 24585
Three month LME lead 2402.5
Most active ShFE lead 18480
Three month LME nickel 13580
Most active ShFE nickel 100930
Three month LME tin 21240
Most active ShFE tin 144620
BASE METALS ARBITRAGE
LME/SHFE COPPER LMESHFCUc3 517.39
LME/SHFE ALUMINIUM LMESHFALc3 -1368.12
LME/SHFE ZINC LMESHFZNc3 265.28
LME/SHFE LEAD LMESHFPBc3 -26.35
LME/SHFE NICKEL LMESHFNIc3 35.01
(Reporting by Tom Daly; Editing by Biju Dwarakanath and Amrutha
Gayathri)