January 3, 2020 / 2:40 AM / 16 days ago

METALS-Shanghai aluminium slips to 2-week low as China stocks climb

    BEIJING, Jan 3 (Reuters) - Shanghai aluminium prices fell in
early trade on Friday, having hit a more than two-week low under
14,000 yuan ($2,009.96) a tonne overnight on signs that stocks
in top consumer China were rising again after a protracted drop
over 2019.
    Chinese aluminium inventories <0#SMM-ALINV> climbed by
18,000 tonnes, or 3%, to 610,000 tonnes between Dec. 26 and Jan.
2, according to industry data provider SMM. 
    The Shanghai Futures Exchange (ShFE) is due to report its
own stocks data later on Friday. ShFE aluminium stocks
AL-STX-SGH were at 185,127 tonnes on Dec. 27 and fell more
than 70% last year. 
    Stocks tend to rise in the run-up to China's Lunar New Year
holiday, which this year falls in late-January, as construction
activity slows.     
    
    FUNDAMENTALS
    * ALUMINIUM: The most-traded February aluminium contract on
the ShFE fell as much as 1.1% in night-time trading to
13,960 yuan a tonne, its lowest since Dec. 17, and stood at
14,000 yuan, as of 0215 GMT. Three-month aluminium on the London
Metal Exchange was down 0.3% at $1,800 a tonne. 
    * ALUMINIUM: Chinese supply, meanwhile, continues to rise,
with Henan Shenhuo Group putting its new smelter in Yunnan into
production on Dec. 31.
    * ALCOA: U.S. aluminium producer Alcoa said it had
agreed to sell its Gum Springs waste treatment facility in
Arkansas to Veolia ES Technical Solutions for $250 million. The
plant has traditionally processed spent potlining for the North
American smelter industry.
    * OTHER METALS: London copper eked out a 0.1% rise
to $6,196 a tonne, but the LME complex was broadly lower, with
nickel losing 0.6%, lead down 0.5% and zinc
 falling 0.4%. ShFE copper slipped 0.4% to
49,030 yuan a tonne.   
    * For the top stories in metals and other news, click       
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    DATA/EVENTS AHEAD (GMT)
0700   UK        Nationwide House Price MM, YY   Dec
0745   France    CPI (EU Norm) Prelim YY         Dec
0855   Germany   Unemployment Chg, Rate SA       Dec
1300   Germany   CPI Prelim YY                   Dec
1300   Germany   HICP Prelim YY                  Dec
1500   US        ISM Manufacturing PMI           Dec
1900   US        Federal Open Market Committee issues 
minutes from its meeting of December 10-11        
        
    PRICES        
 BASE METALS PRICES                      0215 GMT
 Three month LME copper                    6194.5
 Most active ShFE copper                    49030
 Three month LME aluminium                   1800
 Most active ShFE aluminium                 14000
 Three month LME zinc                        2298
 Most active ShFE zinc                      17890
 Three month LME lead                        1910
 Most active ShFE lead                      14855
 Three month LME nickel                     14165
 Most active ShFE nickel                   110880
 Three month LME tin                        17150
 Most active ShFE tin                      135150
                                                 
 BASE METALS ARBITRAGE                           
 LME/SHFE COPPER             LMESHFCUc      450.2
                             3          
 LME/SHFE ALUMINIUM          LMESHFALc    -334.55
                             3          
 LME/SHFE ZINC               LMESHFZNc    -372.14
                             3          
 LME/SHFE LEAD               LMESHFPBc    -591.87
                             3          
 LME/SHFE NICKEL             LMESHFNIc    -2942.8
                             3          
 ($1 = 6.9653 Chinese yuan)

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