SINGAPORE - The most active aluminium contract on the Shanghai Futures Exchange (ShFE) SAFcv1 hit its highest since November 2018 on Monday, following a drop in inventories last week.

Shanghai aluminium jumped to as high as 14,175 yuan ($2,114.44) a tonne, after data on Friday showed that aluminium stocks in warehouses tracked by dropped to 665,067 tonnes, their lowest weekly level since November 2017.

The contract last week broke its psychological 14,000-yuan barrier, considered an average break-even for Chinese aluminium smelters, for the first time in four-and-a-half months on an improved outlook for the metal in China, its top user.  

FUNDAMENTALS

* Shanghai copper was almost flat at 49,400 yuan a tonne, as of 0200 GMT, while nickel rose 0.9 percent and zinc edged up 0.3 percent.

* China's refined copper output reached 705,000 tonnes in March, up 10.2 percent from a year earlier, the country's National Bureau of Statistics said.

However, that is the lowest monthly total in records on the bureau's website since June 2016, according to Reuters observation.  

* Chinese authorities will start accepting applications for licences to import unspecified quantities of soon-to-be-restricted types of scrap metal from late May, the recycling branch of the China Nonferrous Metals Industry Association said on Saturday. 

* The London Metal Exchange is closed for a public holiday and will be open again on Tuesday.

 

MARKETS NEWS

* Asian stocks were steady as investors awaited the return of major financial markets from the Good Friday holiday, while oil prices spiked on a report that the United States is likely to ask all importers of Iranian oil to end their purchases or face sanctions. 

DATA/EVENTS

1400 U.S. Existing Home Sales March

 

PRICES

Three month LME copper CMCU3

Most active ShFE copper SCFcv1

Three month LME aluminium CMAL3

Most active ShFE aluminium SAFcv1

Three month LME zinc CMZN3

Most active ShFE zinc SZNcv1

Three month LME lead CMPB3

Most active ShFE lead SPBcv1

Three month LME nickel CMNI3

Most active ShFE nickel SNIcv1

Three month LME tin CMSN3

Most active ShFE tin SSNcv1

 

(Reporting by Mai Nguyen, Editing by Sherry Jacob-Phillips) ((mai.nguyen@thomsonreuters.com; +6568703435; Reuters Messaging: mai.nguyen.thomsonreuters.com@reuters.net))

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