April 27, 2018 / 2:16 AM / 3 months ago

METALS-London aluminium slips, on track for biggest weekly drop since 2011

    BEIJING, April 27 (Reuters) - London aluminium prices edged
down on Friday, having jumped in the previous session as
investors bet that U.S. sanctions would remain in place on
Russian producer Rusal, keeping supply tight.
    The metal is trading lower for a fifth session out of seven
and has lost 8.2 percent so far this week, putting it on course
for its biggest weekly drop since the week ended Aug. 5, 2011. 
        
    FUNDAMENTALS
    * LME ALUMINUM: Three-month copper on the London Metal
Exchange was down 0.3 percent to $2,268.50 a tonne by
0149 GMT, after ending up 1.3 percent on Thursday.
    * SHFE ALUMINIUM: The most-traded June aluminium contract on
the Shanghai Futures Exchange was up 0.2 percent to
14,450 yuan ($2,281) a tonne. It is down by around 4 percent
this week but up 4.5 percent for the month.
    * RUSAL: Rusal's head of sales Steve Hodgson is
leaving the company, a source familiar with the matter said on
Thursday.
    * COLUMN: U.S. sanctions on Rusal shatter aluminium's supply
chain: Andy Home.  
    * COPPER: Copper was trading down 0.4 percent at
$6,937 a tonne on a firm dollar, which makes metals expensive
for holders of other currencies. Shanghai copper was
down 0.3 percent to 51,570 yuan a tonne.
    * COPPER: Chile's Escondida, the world's largest copper
mine, said on Thursday that early contract talks with its
workers' union ended without an agreement, setting the stage for
legally scheduled negotiations to begin in June.
    * CANADA: Canadian miner Agnico Eagle Mines Ltd on
Thursday said it is planning to divest all of its cobalt assets
in Canada and that it sold some gold interests in the United
States.
    
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    MARKETS NEWS    
    * Asian shares edged higher on Friday, after U.S. equities
were buoyed by solid quarterly earnings and a rebound in
technology stocks, while the euro languished near three-month
lows after the European Central Bank kept interest rates
unchanged.    
        
    DATA AHEAD
    0530  France     Preliminary GDP  Q1
    0600  Germany      Import prices Mar
    0645  France    Consumer spending Mar
    0800  Germany    Unemployment rate Apr
    0900  Euro zone    Business climate Apr
    1230  U.S.    Advance GDP Q1
    1230  U.S.    Employment costs Q1
        
    PRICES    
 BASE METALS PRICES                        0149 GMT
 Three month LME copper                        6937
 Most active ShFE copper                      51570
 Three month LME aluminium                   2268.5
 Most active ShFE aluminium                   14440
 Three month LME zinc                          3131
 Most active ShFE zinc                        23845
 Three month LME lead                        2334.5
 Most active ShFE lead                        18235
 Three month LME nickel                       14280
 Most active ShFE nickel                     104600
 Three month LME tin                          21315
 Most active ShFE tin                        147660
                                                   
 BASE METALS ARBITRAGE                             
 LME/SHFE COPPER             LMESHFCUc3      348.68
 LME/SHFE ALUMINIUM          LMESHFALc3    -2273.16
 LME/SHFE ZINC               LMESHFZNc3      196.64
 LME/SHFE LEAD               LMESHFPBc3      185.81
 LME/SHFE NICKEL             LMESHFNIc3     -2466.3
 


($1 = 6.3336 Chinese yuan renminbi)

    
 (Reporting by Tom Daly; editing by Richard Pullin)
  
 
 
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