July 27, 2018 / 2:25 AM / 19 days ago

METALS-Shanghai metals rise after China industrial profits jump

    BEIJING, July 27 (Reuters) - Shanghai base metal prices rose
on Friday, buoyed by a 20-percent year-on-year jump in profits
for China's industrial companies in June, even as profit growth
in the non-ferrous sector fell.
    Shanghai copper edged up and is on course to gain 3.6
percent this week, which would mark its first weekly rise in
seven after fears of a global trade war dragged on the market.
    
    FUNDAMENTALS
    * SHFE COPPER: The most-traded September copper contract on
the Shanghai Futures Exchange had inched up 0.1 percent
to 50,070 yuan ($8,676.56) a tonne by 0152 GMT.
    * LME COPPER: Three-month copper on the London Metal
Exchange slipped 0.2 percent to $6,277 a tonne, after
ending flat in the previous session, but is also on course for
its first weekly jump in seven.
    * CHINA: Profits at China's industrial companies in June
rose 20 percent from a year earlier, the statistics bureau said
on Friday, versus a 21.1-percent gain in May.
    * ALUMINIUM: Shanghai aluminium gained 0.2 percent
and is on course for a 2.2-percent gain over the week, which
would be its biggest weekly jump since the week ending April 20.
London aluminium is heading for its first weekly jump in
eight after funds cut bets on lower prices. 
    * ALERIS: India's Hindalco Industries Ltd said its
U.S. unit Novelis Inc has agreed to buy aluminium processor
Aleris Corp for $2.6 billion, giving it a foothold in supplying
the aerospace industry and other value-added businesses
globally.  
    * PERU: Anglo American is going ahead with the $5
billion development of its Quellaveco project in Peru, one of
the world's largest untapped copper resources with the potential
to transform the company's business outlook.    
    * TARIFFS: French President Emmanuel Macron said on Thursday
he wanted to see gestures from the United States over steel and
aluminium taxes and that he opposed entering a negotiation for a
comprehensive trade agreement between Europe and Washington.

    * For the top stories in metals and other news, click       
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    MARKETS NEWS    
    * Asian stocks struggled to gain traction on Friday,
following a mixed end to Wall Street trade and as the worsening
Sino-U.S. trade dispute kept investors in the region cautious,
despite signs of rapprochement between the United States and
Europe.    
        
    PRICES    
    
 BASE METALS PRICES                          0157 GMT
 Three month LME copper                        6277.5
 Most active ShFE copper                        50060
 Three month LME aluminium                     2062.5
 Most active ShFE aluminium                     14355
 Three month LME zinc                            2576
 Most active ShFE zinc                          21355
 Three month LME lead                            2160
 Most active ShFE lead                          18850
 Three month LME nickel                         13760
 Most active ShFE nickel                       112190
 Three month LME tin                            19850
 Most active ShFE tin                          145320
                                                     
 BASE METALS ARBITRAGE                               
 LME/SHFE COPPER               LMESHFCUc3      550.32
 LME/SHFE ALUMINIUM            LMESHFALc3    -1873.44
 LME/SHFE ZINC                 LMESHFZNc3      507.77
 LME/SHFE LEAD                 LMESHFPBc3      860.92
 LME/SHFE NICKEL               LMESHFNIc3     2079.16
 
($1 = 6.8080 Chinese yuan renminbi)

    
 (Reporting by Tom Daly
Editing by Joseph Radford)
  
 
 
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