December 20, 2017 / 2:30 AM / 5 months ago

METALS-Shanghai aluminium climbs over 1 pct on China production cuts

    BEIJING, Dec 20 (Reuters) - Shanghai aluminium prices rose
over 1 percent on Wednesday, bouncing back from a slight dip in
the previous session, as production cuts in China continued to
provide end-of-year support to the market.
             
    FUNDAMENTALS
    * SHFE ALUMINIUM: The most-traded February contract in
Shanghai was up 1.3 percent at 14,670 yuan ($2,221.55)
per tonne at 0203 GMT, heading for a fourth session of gain in
five after data out last week showed a hefty drop in China's
November aluminium output.
    * LME ALUMINIUM: Three-month aluminium on the London Metal
Exchange was down 0.3 percent at $2,093 a tonne, having
touched a three-week peak on Tuesday.
    * COPPER: The most-traded February copper contract on the
ShFE gained 0.2 percent to 53,650 yuan a tonne, but
copper on the LME was down 0.2 percent at $6,928.50 a
tonne.   
    * UNITED STATES: U.S. President Donald Trump's new security
strategy bolsters the case for trade actions to protect U.S.
economic interests on national security grounds, including
possible import tariffs on steel and aluminium, a senior Trump
administration official said on Tuesday.
    * AUSTRALIA: Downer EDI Ltd, a mining contractor,
said on Wednesday it had secured a mining services contract at
the Gruyere Gold Project worth about A$400 million ($306.56
million).
   * IRON ORE: China's aggressive campaign to clean its skies by
clamping down on polluting steel mills has fuelled a need for
high-grade iron ore, and a prospector in the Australian outback
is hoping that will help fund an ambitious plan to develop a
full-scale mine.
    * BHP: Global miner BHP Billiton, said on
Tuesday it had taken a preliminary decision to leave the World
Coal Association (WCA) over differences on climate change and
might also withdraw from the U.S. Chamber of Commerce.

    
    * For the top stories in metals and other news, click       
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    MARKETS NEWS
    * Asian shares fell on Wednesday, taking their cues from
Wall Street with investor enthusiasm toward U.S. tax changes
ebbing as the long-awaited reform bill wound its way through
Congress, while higher U.S. Treasury yields underpinned the
dollar.    
    
       
        
    DATA AHEAD (GMT)
    0700  Germany    Producer prices Nov
    0900  Euro zone    Current account Oct
    1500  U.S.      Existing home sales Nov    
        
    PRICES    
    
    
 BASE METALS PRICES                         0203 GMT
 Three month LME copper                       6928.5
 Most active ShFE copper                       53650
 Three month LME aluminium                    2092.5
 Most active ShFE aluminium                    14670
 Three month LME zinc                         3213.5
 Most active ShFE zinc                         25500
 Three month LME lead                         2556.5
 Most active ShFE lead                         19340
 Three month LME nickel                        11800
 Most active ShFE nickel                       95000
 Three month LME tin                           19350
 Most active ShFE tin                         137580
                                                    
 BASE METALS ARBITRAGE                              
 LME/SHFE COPPER               LMESHFCUc3     317.11
 LME/SHFE ALUMINIUM            LMESHFALc3   -1354.33
                                           
 LME/SHFE ZINC                 LMESHFZNc3     366.07
 LME/SHFE LEAD                 LMESHFPBc3   -1106.58
 LME/SHFE NICKEL               LMESHFNIc3    2323.88
                                           
 
($1 = 6.6035 Chinese yuan)

    
 (Reporting by Tom Daly; Editing by Subhranshu Sahu)
  
 
 
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