April 23, 2018 / 2:00 AM / 5 months ago

METALS-London aluminium rises sharply as Rusal rally returns

    BEIJING, April 23 (Reuters) - London aluminium prices rose
by as much as 1.6 percent on Monday as a rally driven by supply
concerns after the United States slapped sanctions on Russian
producer United Company Rusal regained momentum.
    The metal had closed down in the previous two sessions but
is still up by around 25 percent so far this month. 
      
    FUNDAMENTALS
    * LME ALUMINIUM: Three-month aluminium on the London Metal
Exchange climbed by 1.6 percent to $2,507.50 a tonne by
0155 GMT, after closing down 0.6 percent on Friday 
    * SHFE ALUMINIUM: The most-traded June aluminium contract on
the Shanghai Futures Exchange was down 0.4 percent to
14,970 yuan ($2,378) a tonne. 
    * RUSAL: Russian companies hit by U.S. sanctions, including
aluminium giant Rusal, have asked for 100 billion roubles ($1.6
billion) in liquidity support from the government, Finance
Minister Anton Siluanov was quoted by Interfax news agency as
saying on Friday.
    * CHILE: Chilean copper commission Cochilco forecast on
Friday that Chile would produce 5.76 million tonnes of the red
metal in 2018, up 4.3 percent from 2017, while estimating copper
prices at $3.06 per pound this year.    
    * GREENLAND: With melting ice expanding access to the
Arctic, investors from China to Canada are watching Greenland's
election for signs of the political will to get a flagging
mining programme on the island back on track. 
    * COLUMN: Sanctions fever grips nickel as market rethinks
Russia risk: Andy Home.
    * For the top stories in metals and other news, click       
 or     
        
    MARKETS NEWS    
    * Asian stocks started in muted fashion on Monday as
investors braced for a bevy of earnings from the world's largest
corporations, while keeping a wary eye on U.S. bond yields as
they approached peaks that had triggered ructions in the past.  
    
        
    DATA AHEAD (GMT)
    0700  France     Markit manufacturing PMI Apr
    0730  Germany    Markit manufacturing PMI Apr
    0900  Euro zone    Markit manufacturing PMI Apr
    1230  U.S.    National activity index Mar
    1345  U.S.         Markit manufacturing PMI Apr
    1400  U.S.    Existing home sales Mar
        
    PRICES        
 BASE METALS PRICES                        0141 GMT
 Three month LME copper                      6996.5
 Most active ShFE copper                      51710
 Three month LME aluminium                     2503
 Most active ShFE                             14960
 aluminium                                
 Three month LME zinc                        3249.5
 Most active ShFE zinc                        24490
 Three month LME lead                        2343.5
 Most active ShFE lead                        18405
 Three month LME nickel                       14790
 Most active ShFE nickel                     104850
 Three month LME tin                          21615
 Most active ShFE tin                        148310
                                                   
 BASE METALS ARBITRAGE                             
 LME/SHFE COPPER            LMESHFCUc3       380.48
 LME/SHFE ALUMINIUM         LMESHFALc3     -3292.16
 LME/SHFE ZINC              LMESHFZNc3       130.84
 LME/SHFE LEAD              LMESHFPBc3       383.67
 LME/SHFE NICKEL            LMESHFNIc3     -5334.36
 

($1 = 6.2945 Chinese yuan renminbi)

    
 (Reporting by Tom Daly; editing by Richard Pullin)
  
 
 
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