February 19, 2019 / 2:18 AM / 6 months ago

METALS-Shanghai aluminium slips after Malaysia lifts bauxite ban

    BEIJING, Feb 19 (Reuters) - Shanghai aluminium prices moved
lower in early trade on Tuesday after Malaysia said it would not
extend a moratorium on mining bauxite, potentially reducing
costs in the aluminium supply chain for top producer China.
    Bauxite is a rock refined to make alumina, which is then
used to make aluminium metal.
           
    FUNDAMENTALS
    * SHFE ALUMINIUM: The most traded April aluminium contract
 on the Shanghai Futures Exchange slipped 0.4 percent to
13,395 yuan ($1,977) a tonne as of 0156 GMT, just above the
two-year low of 13,230 yuan struck last month. Three-month
aluminium on the London Metal Exchange was down 0.1
percent at $1,855 a tonne.
    * BAUXITE: The Malaysian government said it would not extend
its moratorium on bauxite mining which ends on March 31 due to
strong demand for the industry, state news agency Bernama
reported on Monday, quoting the water, land and natural
resources minister. 
    * ALUMINIUM: Mining giant Glencore has bought 200,000 tonnes
of aluminium on the LME and will take delivery of the metal from
warehouses owned by ISTIM UK in Port Klang, Malaysia, five
sources familiar with the matter said.    
    * COPPER: Three-month LME copper edged down 0.3
percent to $6,257.50 a tonne, on course to snap a run of four
straight daily gains on optimism over U.S.-China trade talks.
ShFE copper was up 1 percent, tracking Monday's jump in
the LME price, which was also driven by supply concerns.
    * VEDANTA: India's Supreme Court on Monday set aside an
order by an environmental court which had cleared the way for
reopening Vedanta's south Indian copper smelter, in a
blow to the company's plans to begin operations.
    * TRADE: Chinese Vice Premier Liu He will visit Washington
on Thursday and Friday to continue trade negotiations with the
United States, the Commerce Ministry in Beijing said.

    * VALE: Brazil's government on Monday banned new upstream
mining dams and ordered the decommissioning of all such dams by
2021, targeting the type of structure that burst last month in
the town of Brumadinho, killing hundreds of people.
    * For the top stories in metals and other news, click       
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    MARKETS NEWS    
    * Asian shares hovered near a four-month peak, supported by
hopes that Sino-U.S. trade talks were making positive progress
and expectations of policy stimulus from central banks.
    
        
    DATA/EVENT AHEAD (GMT)
0930  Britain      Unemployment Claimant Count Jan
0930  Britain      Employment Change  Dec
0930  Britain      Average Wk Earnings 3M YY Dec  
1000  Germany     ZEW Economic Sentiment  Feb
1000  Germany      ZEW Current Conditions  Feb
1300  Russia      Unemployment Rate  Jan
1500  U.S.          NAHB Housing Market Index  Feb
ECB Vice President Luis de Guindos participates in a panel
session at the 2019 European Parliamentary Week in Brussels.    
     
    PRICES    
 BASE METALS PRICES                       0205 GMT
 Three month LME copper                     6254.5
 Most active ShFE copper                     49270
 Three month LME aluminium                    1855
 Most active ShFE aluminium                  13400
 Three month LME zinc                       2639.5
 Most active ShFE zinc                       21550
 Three month LME lead                       2032.5
 Most active ShFE lead                       16825
 Three month LME nickel                      12445
 Most active ShFE nickel                     98960
 Three month LME tin                         21175
 Most active ShFE tin                       149480
                                                  
 BASE METALS ARBITRAGE                            
 LME/SHFE COPPER              LMESHFCUc3    -74.13
 LME/SHFE ALUMINIUM           LMESHFALc3  -1154.42
                                          
 LME/SHFE ZINC                LMESHFZNc3     171.8
 LME/SHFE LEAD                LMESHFPBc3    365.46
 LME/SHFE NICKEL              LMESHFNIc3      77.9
                                          
 ($1 = 6.7738 Chinese yuan renminbi)

    
 (Reporting by Tom Daly; editing by Richard Pullin)
  
 
 
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