November 21, 2017 / 7:37 AM / 2 years ago

METALS-China aluminium prices drop sharply amid signs of robust global output

(Recasts on aluminium, updates prices)

By James Regan

SYDNEY, Nov 21 (Reuters) - China aluminium futures fell sharply on Tuesday to their lowest in more than three months, dragged down by signs of robust global production.

* ALUMINIUM DROP: The most-traded aluminium contract on the Shanghai Futures Exchange lost 2.45 percent to close at 14,910 yuan ($2,247.14), its weakest since early August.

* ALUMINIUM OUTPUT: Global production for October, excluding China, was 2.179 million tonnes, up from 2.1 million tonnes in September, International Aluminium Institute (IAI) data showed on Monday. However, Chinese daily average output fell to 82,100 tonnes in October against 86,900 tonnes in September.

* LONDON ALUMINIUM: London Metal Exchange three-month aluminium had eased to $2,079.50 a tonne by 0700 GMT adding to the previous session’s losses.

* SHANGHAI NICKEL: ShFE nickel closed 0.83 percent higher. Traders said the metal was finding support from stronger ShFE steel rebar futures, which closed 2.7 percent firmer on expectations that Chinese demand would bounce back sharply when production curbs are lifted after winter. Nickel is chiefly used as an alloy for steel manufacturing.

* LME NICKEL: Three-month nickel on the London Metal Exchange was also slightly firmer at $11,677 a tonne, extending modest gains from the previous session.

* COPPER SMELTER BACK: Global miner Rio Tinto Plc restarted the smelter at its large Kennecott mine in the United States last Friday after a nearly six-week outage, but force majeure on refined copper has not yet been lifted, a company spokesman said on Monday.

* DOLLAR FIRM: The dollar gave back some of its gains in Asian trading on Tuesday, but stuck close to a one-week high against a basket of currencies as German political deadlock continued to pressure the euro.


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 = 6.6351 Chinese yuan renminbi)

Reporting by James Regan; Editing by Richard Pullin and Joseph Radford

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