August 9, 2018 / 5:41 AM / 6 days ago

METALS-Shanghai aluminium jumps to near 2-month closing high on Alcoa strike

 (Adds Shanghai closing prices, updates London prices)
    BEIJING, Aug 9 (Reuters) - Shanghai aluminium rose nearly
2.5 percent to a near two-month closing high on Thursday, as a
strike affecting Alcoa's alumina refineries in Australia and
warnings of shutdowns by Rusal supported prices.
    The Alcoa plants account for around 9.3 million tonnes of
capacity or some 8 percent of the world's supply of alumina. 
Alcoa said on Thursday it did not expect any impact on its
production from the industrial action running until Aug. 17.   
                        
    All other Shanghai metals rose on a buoyant day for the
complex, with aluminium trading volumes at 437,570 lots, well
above the 30-day average of 170,423 lots.
    Top metals consumer China's factory price inflation cooled
in July, amid a slowdown in economic growth, according to
official data released on Thursday, although the tit-for-tat
import tariffs imposed by China and the United States on each
other's goods have yet to stoke price pressures.             
    "This afternoon sees U.S. employment and [producer price
index] data releases, which if in line as with this morning's
Chinese data could also translate itself into further buying of
metals," Malcolm Freeman, director of Kingdom Futures, wrote in
a note. 
            
    FUNDAMENTALS
    * SHFE ALUMINIUM: The most-traded October aluminium contract
on the Shanghai Futures Exchange          closed up 2.4 percent
at 14,825 yuan ($2,171.62) a tonne. It earlier rose as much as
2.8 percent, the biggest intraday jump since April 19, to 14,885
yuan, its highest since June 13. 
    * LME ALUMINIUM: Three-month aluminium on the London Metal
Exchange         was up 0.4 percent at $2,115 yuan a tonne, as
of 0707 GMT, extending a 3.3 percent jump on Wednesday. It
earlier hit a session peak of $2,146, its highest since June 29.
    * RUSAL: Russian aluminium giant Rusal           is
concerned about an impending catastrophe if U.S. sanctions are
not lifted, with some of its production halted as early as
September, two sources close to the company said.             
    * COPPER: ShFE copper          closed up 0.8 percent at
49,950 yuan a tonne, while LME copper         was trading up 0.8
percent at $6,223.50.
    * TARIFFS: China is slapping additional tariffs of 25
percent on $16 billion worth of U.S. imports from fuel and steel
products to autos and medical equipment, the Chinese commerce
ministry said, as the world's largest economies escalated their
trade dispute.             
           
    * For the top stories in metals and other news, click       
          or             
        
    MARKETS NEWS    
    * Asian share markets found support on Thursday as a rally
in Chinese stocks helped offset the latest escalation in the
Sino-U.S. trade war, while Russia's rouble tumbled as the United
States slapped fresh sanctions on the country.                
        
    PRICES    
    Three month LME copper                  
    Most active ShFE copper                  
    Three month LME aluminium               
    Most active ShFE aluminium               
    Three month LME zinc                    
    Most active ShFE zinc                    
    Three month LME lead                    
    Most active ShFE lead                    
    Three month LME nickel                 
    Most active ShFE nickel                   
    Three month LME tin                     
    Most active ShFE tin                             
    
    ARBS
                
                
                
                
                

($1 = 6.8267 Chinese yuan)

    
 (Reporting by Tom Daly, Editing by Sherry Jacob-Phillips and
Subhranshu Sahu)
  
 
 
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