April 16, 2018 / 2:15 AM / 8 days ago

METALS-Shanghai aluminium hits 2-month high after Rio force majeure

    BEIJING, April 16 (Reuters) - Shanghai aluminium prices hit
a two-month high on Monday after Rio Tinto said it would declare
force majeure on certain customer contracts in light of U.S.
sanctions on its partner, Russian aluminium giant Rusal.
    Rusal owns a 20 percent stake in Rio's Queensland Alumina
refinery in Australia, which produces the substance used to make
aluminium.
         
    FUNDAMENTALS
    * SHFE ALUMINIUM: The most-traded June aluminium contract on
the Shanghai Futures Exchange was up 0.6 percent at
14,585 yuan ($2,322.75) a tonne at 0136 GMT. It earlier touched
14,670 yuan a tonne, its highest since Feb. 12.
    * LME ALUMINIUM: Three-month aluminium on the London Metal
Exchange was flat at $2,285 a tonne, after hitting a
six-high year on Friday and posting its biggest weekly gain
since the current contract was launched.
    * RUSAL: Rio Tinto said on Friday it was
reviewing Rusal's 20 percent stake in the Queensland
Alumina refinery, Rusal's supply and offtake arrangements,
bauxite sales to Rusal's refinery in Ireland and offtake
contracts for alumina.
    * RUSAL STOCK: Rusal shares fell more than 20 percent to a
record low in early trading in Hong Kong. The stock was last
trading at HK$1.72, from HK$4.64 on April 6 before U.S.
sanctions were imposed.
    * COLUMN: U.S. sanctions are an aluminium-tipped precision
strike: Andy Home.
    * COPPER: Three-month copper on the LME was down 0.4
percent at $6,800.50 a tonne, after edging up 0.1 percent on
Friday, while ShFE copper slipped 0.4 percent to 50,290
yuan a tonne.      
    * COMEX: Hedge funds and money managers raised their net
long positions in COMEX gold and copper contracts in the week to
April 10, U.S. Commodity Futures Trading Commission (CFTC) data
showed on Friday.
    * IRON ORE: China will allow foreign investors to trade in
domestic iron ore futures markets starting on May 4, the
country's securities regulator said in a news briefing on
Friday.
    * For the top stories in metals and other news, click       
 or     
        
    MARKETS NEWS    
    * Share markets started firmer in Asia on Monday amid relief
U.S.-led strikes on Syria looked like being a one-off event that
avoided a direct confrontation with Russia, weighing on oil
prices and safe-haven Treasuries.    
        
    PRICES
 BASE METALS PRICES                         0143 GMT
 Three month LME copper                       6800.5
 Most active ShFE copper                       50220
 Three month LME aluminium                      2286
 Most active ShFE aluminium                    14585
 Three month LME zinc                         3101.5
 Most active ShFE zinc                         23470
 Three month LME lead                         2315.5
 Most active ShFE lead                         18145
 Three month LME nickel                        13970
 Most active ShFE nickel                      103690
 Three month LME tin                               0
 Most active ShFE tin                         143030
                                                    
 BASE METALS ARBITRAGE                              
 LME/SHFE COPPER              LMESHFCUc3      430.55
 LME/SHFE ALUMINIUM           LMESHFALc3    -2076.97
 LME/SHFE ZINC                LMESHFZNc3      290.88
 LME/SHFE LEAD                LMESHFPBc3      175.47
 LME/SHFE NICKEL              LMESHFNIc3      -121.5
    

($1 = 6.2792 Chinese yuan renminbi)

    
 (Reporting by Tom Daly; editing by Richard Pullin)
  
 
 
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below