August 20, 2019 / 2:27 AM / 4 months ago

METALS-Shanghai aluminium hits 9-mth high amid supply concerns

SINGAPORE, Aug 20 (Reuters) - Shanghai aluminium hit its highest level in nine months on Tuesday, tracking gains in London in the previous session, as fears of a shortage following a flooding in China added to gains from China’s measures to boost the economy.

The most-traded aluminium contract on the Shanghai Futures Exchange advanced as much as 1.2% to 14,455 yuan ($2,046.81) a tonne, its highest since October 2018.

Three-month aluminium on the London Metal Exchange rose 0.1% to $1,796 a tonne by 0205 GMT, after touching its highest in more than two weeks in the previous session.

FUNDAMENTALS

* ALUMINIUM: China Hongqiao Group, the world’s biggest aluminium producer, said last week it was operating as normal after a typhoon lashed its home province, but investors remain concerned about potential supply disruption.

* OPEN INTEREST: Open interest of Shanghai’s most active aluminium contract surged to its highest in 17 months, indicating solid liquidity of the contract.

* ALUMINIUM STOCKS: Aluminium inventories in warehouses tracked by the Shanghai Futures Exchange AL-STX-SGH fell to their lowest since April 2017 at 387,663 tonnes, while LME inventories fell to their lowest since July 23. MAL-STX-TOTAL

* BHP: Top global miner BHP Group said on Tuesday the U.S.-China trade war is not yet affecting demand for its commodities including copper.

* PRICES: LME zinc eased 0.2%, lead rose 0.2%, while tin fell 0.2%. In Shanghai, copper rose 0.4%, nickel fell 0.9%, zinc advanced 0.3% while lead increased 0.6%.

* For the top stories in metals and other news, click or

MARKETS NEWS

* Asian shares extended their gains as hopes for stimulus in major economies tempered anxiety about a global recession, helping boost riskier assets and drawing money from safe-havens such as bonds and gold.

DATA/EVENTS (GMT)

0600 Germany Producer Prices MM, YY July

1000 UK CBI Trends - Orders Aug

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 = 7.0622 Chinese yuan renminbi) (Reporting by Mai Nguyen; Editing by Sriraj Kalluvila)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below