August 8, 2017 / 8:21 AM / 3 years ago

CORRECTED-METALS-Shanghai aluminium leads gains in steel-related base metals

(Corrects milestone for LME copper price to 26-month high not 14-month high in paragraph 9.)

By James Regan

SYDNEY, Aug 8 (Reuters) - Shanghai aluminium futures rose as much as 3.9 percent on Tuesday, lifted by growing signs of Chinese supply curtailments and robust steel activity.

The positive sentiment spilled over into other industrial metals, with most Chinese futures settling in positive territory.

The sector was also aided by data showing China’s imports of commodities for July came in better than expected, with a typical seasonal downturn failing to appear, traders said.

“Of the major commodities, only coal has failed to record strong year-to-date growth rates in imports,” ANZ commodities analyst Daniel Hynes said in a note. “This supports our view that the outlook for China’s demand for commodities remains broadly positive.”

* ALUMINIUM: The most traded aluminium contract on the Shanghai Futures Exchange ended up 2.6 percent 15,435 yuan ($2,302.73) per tonne.

* LME ALUMINIUM: Three-month London Metal Exchange aluminium , was up 0.8 percent to $1,980 a tonne by 0750 GMT, the highest since December 2014, according to Thomson Reuters data.

* ALUMINIUM CURBS: China earlier this year ordered aluminium producers in 28 cities to slash output during winter as it fights smog with parts of the industrial Hebei province saying last week it would implement the order.

* CHINA IMPORTS: China’s imports of copper and copper products rose around 8 percent in July from last year as the availability of credit improved, even as concerns lingered about manufacturing activity in the world’s No.2 economy, according to Reuters calculations.

* COPPER RISING: ShFE copper rose 0.04 percent to 50,450 yuan a tonne. LME copper slipped 0.2 percent $6,397 a tonne after coming close to retesting Monday’s 26-month peak of $6,447.50.

* ZINC PRICES: Also benefiting from the Chinese steel price surge was zinc, used mainly to galvanise steel. LME zinc gained 1 percent to $2,886 a tonne. ShFE zinc was up 1.75 percent.

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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 = 6.7029 Chinese yuan renminbi)

Reporting by James Regan; Editing by Richard Pullin and Christian Schmollinger

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