May 11, 2018 / 2:35 AM / in 11 days

METALS-London aluminium slips, on course for 1.6 pct weekly drop

    BEIJING, May 11 (Reuters) - London aluminium prices fell for
a second session on Friday as technical selling continued to
affect the light metal despite plunging London Metal Exchange
(LME) inventories.
    
    FUNDAMENTALS
    * LME ALUMINIUM: Three-month aluminium on the LME
was down by 1 percent to $2,312 a tonne by 0217 GMT, having
closed down 1.3 percent in the previous session. 
    * ALUMINIUM: The metal is down 1.6 percent in London so far
this week but is still up 15.1 percent since April 5, the day
before the United States imposed sanctions on Russian producer
Rusal. 
    * RUSAL: Rusal boosted first-quarter recurring net profit on
Friday amid stronger aluminium prices, but warned that sanctions
imposed by the United States in April could harm its business.

    * EGA: Emirates Global Aluminium's stock market listing is
likely to slip to 2019 because of turmoil in global aluminium
markets after the United States imposed sanctions on Rusal,
three sources familiar with the deal said.  
    * COPPER: LME copper edged down 0.1 percent, having jumped
by 1.6 percent on Thursday as inventories continued to fall, and
remains on course for a 1.2 percent gain this week. The
most-traded July copper contract on the Shanghai Futures
Exchange climbed 0.7 percent to 51,470 yuan ($8,113) a
tonne.
    
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    MARKETS NEWS    
    * Asian markets started on a firm footing and the dollar
eased on Friday as softer-than-forecast U.S. inflation data
tempered expectations for faster Federal Reserve interest rate
rises this year.    
        
    DATA AHEAD (GMT)
    1230  U.S.    Import prices Apr
    1230  U.S.       Export prices Apr
    1400  U.S.       University of Michigan sentiment index May
    PRICES    
 BASE METALS PRICES                        0201 GMT
 Three month LME copper                        6908
 Most active ShFE copper                      51470
 Three month LME aluminium                     2313
 Most active ShFE aluminium                   14675
 Three month LME zinc                        3091.5
 Most active ShFE zinc                        23705
 Three month LME lead                          2324
 Most active ShFE lead                        19125
 Three month LME nickel                       13905
 Most active ShFE nickel                     103980
 Three month LME tin                          20885
 Most active ShFE tin                        145420
                                                   
 BASE METALS ARBITRAGE                             
 LME/SHFE COPPER              LMESHFCUc3     401.98
 LME/SHFE ALUMINIUM           LMESHFALc3   -2343.08
 LME/SHFE ZINC                LMESHFZNc3     445.77
 LME/SHFE LEAD                LMESHFPBc3     609.39
 LME/SHFE NICKEL              LMESHFNIc3    -685.19
 ($1 = 6.3440 Chinese yuan renminbi)

    
 (Reporting by Tom Daly; editing by Richard Pullin)
  
 
 
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