January 19, 2018 / 2:30 AM / 4 months ago

METALS-Shanghai aluminium prices climb after China GDP boost

    BEIJING, Jan 19 (Reuters) - Shanghai aluminium prices rose
on Friday, buoyed by the first acceleration in China's GDP
growth in seven years, even as the country's output of the metal
posted a surprise jump for December.
    FUNDAMENTALS
    * SHFE ALUMINIUM: The most-traded aluminium contract
 on the Shanghai Futures Exchange (ShFE) was up 1
percent at 14,770 yuan ($2,307.56) a tonne at 0202 GMT, but
still on course for a weekly drop of 2.3 percent.  
    * LME ALUMINIUM: In London, three month aluminium
edged down 0.2 percent to $2,236 a tonne, after ending up 2.2
percent in the previous session.
    * CHINA: China's economy grew faster than expected in the
fourth quarter of 2017, as an export recovery helped the country
post its first annual acceleration in growth in seven years,
defying concerns that intensifying curbs on industry and credit
would hurt expansion.
    * ALUMINIUM: China's aluminium production rebounded in
December to its highest since June, reversing five months of
declines and lifting 2017 output to a record.      
 
    * COPPER: The most-traded March copper contract in Shanghai
 was up 0.2 percent at 53,770 a yuan a tonne.
Three-month London copper rose 0.4 percent to $7,108.50
a tonne, building on Thursday's gain of 0.6 percent, after a
force majeure in Mongolia.
    * MONGOLIA: The Oyu Tolgoi copper-gold mine in Mongolia's
southern Gobi Desert declared force majeure after protests by
Chinese coal haulers disrupted deliveries near the border, said
majority owner Turquoise Hill.
    * LEAD: Lead was the biggest gainer among base
metals on the ShFE, rising 1.3 percent to 19,485 yuan a tonne on
concerns about air quality and more output restrictions in the
key production hub of Jiyuan in Henan province.
    * ZINC: Rising supplies of zinc over the next couple of
years are unlikely to replenish dwindling inventories to the
extent that the market stops fretting about shortages and
driving up prices towards the peaks seen in 2007.
    * NICKEL: The global nickel market deficit narrowed to 8,400
tonnes in November from 11,500 tonnes in the previous month, the
International Nickel Study Group said on Thursday.
    
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    MARKETS NEWS    
    * Asia stocks edged higher on Friday and were within reach
of record highs, although losses on Wall Street slowed the
advance, while worries over a possible U.S. government shutdown
weighed on the dollar.
       
        
    DATA AHEAD (GMT)
    0700  Germany     Producer prices Dec
    0900  Euro zone Current account Nov
    1500  U.S.      Univ of Michigan sentiment index Jan
        
        
    PRICES    
   
 BASE METALS PRICES                         0202 GMT
 Three month LME copper                       7108.5
 Most active ShFE copper                       53770
 Three month LME aluminium                      2236
 Most active ShFE aluminium                    14770
 Three month LME zinc                           3395
 Most active ShFE zinc                         26035
 Three month LME lead                           2598
 Most active ShFE lead                         19485
 Three month LME nickel                        12515
 Most active ShFE nickel                       96930
 Three month LME tin                           20455
 Most active ShFE tin                         144570
                                                    
 BASE METALS ARBITRAGE                              
 LME/SHFE COPPER               LMESHFCUc3     685.29
 LME/SHFE ALUMINIUM            LMESHFALc3   -1848.11
                                           
 LME/SHFE ZINC                 LMESHFZNc3     337.11
 LME/SHFE LEAD                 LMESHFPBc3    -605.97
 LME/SHFE NICKEL               LMESHFNIc3    2107.53
                                           
 
($1 = 6.4007 Chinese yuan renminbi)

    
 (Reporting by Tom Daly; Editing by Joseph Radford)
  
 
 
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