January 17, 2018 / 2:55 AM / 3 months ago

METALS-Shanghai aluminium prices slip as ingot flows improve

    BEIJING, Jan 17 (Reuters) - Shanghai aluminium prices
extended declines into a second day on Wednesday as improving
weather conditions smoothed the flow of ingots from China's
remote northwestern Xinjiang region to the east of the country.
    
    FUNDAMENTALS
    * SHANGHAI ALUMINIUM: The most-traded March contract
 on the Shanghai Futures Exchange (ShFE) was down 1.6
pct at 14,655 yuan ($2,280.93) a tonne at 0224 GMT, having
earlier touched its lowest since Dec. 20 at 14,560 yuan a tonne.
    * LONDON ALUMINIUM: Aluminium on the London Metal Exchange
(LME) was trading up 0.3 percent at $2,196.50 per tonne,
after losing 1.7 percent in the previous session.
    * LONDON COPPER: Three-month copper on the London Metal
Exchange was up 0.4 percent at $7,105 a tonne, partly
recovering from a 1.8-percent dip on Tuesday. 
    * SHFE COPPER: The most-traded ShFE copper contract
was down 1.2 percent at 53,960 yuan a tonne at the mid-session
interval.
    * POSITIONS: Futures brokerage Gelin Dahua cut its long
position on the ShFE April copper contract by 35 percent
on Tuesday, according to ShFE data, but remains the top position
holder for the month with 7,803 lots.     
    * INVENTORIES: Stocks of industrial metals in LME warehouses
fell more than 40 percent last year and further declines are
expected in 2018, which should in theory signal tighter supplies
and fuel a blistering price rally.
    * AUSTRALIA: Mining group South32 Ltd's
second-quarter metallurgical coal output dropped 43 percent due
to the suspension of operations at its Appin mine in Australia
over safety concerns, the company said on Wednesday.
        
    * RIO TINTO: Rio Tinto Plc, on Tuesday said
a U.S. regulator's lawsuit accusing the big Anglo-Australian
mining company of fraud for overstating the value of Mozambique
coal assets it had bought in 2011 should be dismissed.

    
    * For the top stories in metals and other news, click       
 or     
        
    MARKETS NEWS    
    * Asian stocks stepped back from a record high on Wednesday
as the region's resource shares were dented by falling oil and
commodity prices, while digital currencies tumbled on worries
about tighter regulations. 
       
        
    DATA/EVENTS AHEAD (GMT)
    1415  U.S.     Industrial production Dec
    1500  U.S.      NAHB housing market index Jan
    1500  U.S.     Senate Banking Committee votes on nomination 
           of Jerome Powell to be chairman of the               
Federal Reserve 
        
    PRICES       
    
 BASE METALS PRICES                          0224 GMT
 Three month LME copper                          7105
 Most active ShFE copper                        53960
 Three month LME aluminium                     2196.5
 Most active ShFE aluminium                     14655
 Three month LME zinc                          3410.5
 Most active ShFE zinc                          26130
 Three month LME lead                            2568
 Most active ShFE lead                          19115
 Three month LME nickel                         12570
 Most active ShFE nickel                        97610
 Three month LME tin                            20470
 Most active ShFE tin                          145420
                                                     
 BASE METALS ARBITRAGE                               
 LME/SHFE COPPER              LMESHFCUc3       701.98
 LME/SHFE ALUMINIUM           LMESHFALc3     -1717.31
                                          
 LME/SHFE ZINC                LMESHFZNc3       225.95
 LME/SHFE LEAD                LMESHFPBc3      -733.98
 LME/SHFE NICKEL              LMESHFNIc3      2040.29
                                          
 
($1 = 6.4250 Chinese yuan renminbi)

    
 (Reporting by Tom Daly; Editing by Joseph Radford)
  
 
 
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