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METALS-China aluminium hits 5-year high on capacity closures

METALS-China aluminium hits 5-year high on capacity closures(AUGUST 10, 2017 ) (from https://www.reuters.com/article/global-metals)

MELBOURNE, Aug 10 (Reuters) - China aluminium extended gains on Thursday to strike its highest since 2012, with investors flooding into the market on prospects that capacity closures in the world's top producer would tighten supply.


* SHFE ALUMINIUM: Shanghai Futures Exchange aluminium had climbed 1.4 percent to 16,275 yuan ($2,443) a tonne by 0240 GMT, having earlier hit its highest since May 2012 at 16,460 yuan.

Open interest flew to a record-high around 900,000 lots and was up by 50 percent since Aug. 1.

* LME ALUMINIUM: LME aluminium hovered near its highest in more than two years above $2,000 a tonne.

* CHINA POLLUTION CRACKDOWN: China's push for blue skies is roiling supplies and boosting prices of key raw materials from soymeal to ferroalloys as the government ramps up smog checks and forces some factories in the world's top commodities market

to close or suspend operations.

* LME COPPER: London Metal Exchange copper was trading at $6,470 a tonne, down 0.2 percent. That followed a slightly softer close the day before, when investors booked profits after prices marked their highest since December 2014 at $6,515 a tonne.

* SHFE COPPER: Shanghai Futures Exchange copper slipped by half a percent to 50,890 yuan a tonne.

* LME LEAD: London lead played catch up, rising nearly 1.7 percent. China research firm Antaike said the start of environmental inspections in Sichuan province had prompted 60 percent of local lead-zinc mines to shut down for month-long maintenance. That could mean lower supplies of zinc and lead in August and September

* CHINA ALUMINIUM: China's top aluminium foil producers are preparing a legal defence challenging a preliminary U.S. ruling on Wednesday that would impose hefty penalties on imports from the world's top producers, two sources familiar with the matter said. 

* NICKEL CUTS: First Quantum Minerals Ltd said on Wednesday it planned to suspend operations at its Ravensthorpe nickel mine in Western Australia at the beginning of next month due to persistently weak nickel prices, affecting around 450 employees and contractors.

* NICKEL DEMAND: The rise of electric vehicles is driving the world's biggest mining house, BHP,, to switch gears and invest heavily in its long-suffering nickel


* NICKEL SUPPLY: Nickel producer Vale Indonesia said Indonesia's recent policy shift to allow ore exports is helping keep global prices of the metal low, and complicating efforts to establish partnerships for new smelter investments.


0645  France Industrial output Jun

0830  Britain Industrial output Jun

1230  U.S. Weekly jobless claims


BASE METALS PRICES                              0239 GMT

Three month LME copper                              6471

Most active ShFE copper                            50860

Three month LME aluminium                         2039.5

Most active ShFE aluminium                         16270

Three month LME zinc                                2949

Most active ShFE zinc                              24400

Three month LME lead                                2389

Most active ShFE lead                              19365

Three month LME nickel                             10825

Most active ShFE nickel                            88170

Three month LME tin                                20375

Most active ShFE tin                              147010


LME/SHFE COPPER             LMESHFCUc3             615.9

LME/SHFE ALUMINIUM          LMESHFALc3            471.73

LME/SHFE ZINC               LMESHFZNc3           1029.19

LME/SHFE LEAD               LMESHFPBc3             46.05

LME/SHFE NICKEL             LMESHFNIc3           1846.46

($1 = 6.6625 Chinese yuan renminbi)

(Reporting by Melanie Burton; Editing by Joseph Radford)

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