May 14, 2018 / 7:20 AM / 2 years ago

METALS-Aluminium eases for 3rd session on price correction

(Adds comment, updates prices)

By Naveen Thukral

SINGAPORE, May 14 (Reuters) - Aluminium prices slid for a third session on Monday as the market continued in correction mode after rallying last month on support from U.S. sanctions against Rusal, the world’s second-largest producer, and its major shareholder.


* Three-month aluminium on the London Metal Exchange was down 0.4 percent at $2,278 a tonne by 0704 GMT. The most-traded aluminium contract on the Shanghai Futures Exchange fell 0.4 percent to 14,635 yuan ($2,308.47) a tonne.

* LME prices for the light metal rallied to a seven-year high last month.

“The market is looking to see how U.S. President Trump deals with the Russian situation,” said Helen Lau, analyst, Argonaut Securities.

“As in the past experiences, initially he is hard to deal with but later he is open to negotiations. If the Russian situation goes like that, then the upside potential in aluminium is limited.”

* Washington last month announced sanctions on Russian billionaire Oleg Deripaska and several companies in which he is a large shareholder, including Rusal.

* Glencore and United Company Rusal have asked the London Metal Exchange to temporarily lift its suspension on Rusal’s aluminium after an extension of the deadline for companies to wind down contracts with the Russian firm under U.S. sanctions, sources said.

* Louis Dreyfus Company said on Friday it had completed the sale of its metals business to a Chinese investment fund for $466 million, as part of a push to revive profits by focusing on its core agricultural markets.

* Japanese copper miners JX Nippon Mining & Metals and Sumitomo Metal Mining plan to increase output from their mines in Chile this year, but are facing challenges in bringing them to full capacity and meeting profit targets.


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 = 6.3349 Chinese yuan) ($1 = 6.3397 Chinese yuan renminbi)

Reporting by Naveen Thukral; Editing by Subhranshu Sahu and Joseph Radford

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