Shanghai aluminium rises on supply concerns, eyes monthly gain
Shanghai aluminium prices rose on Friday, and were set to notch a monthly gain, as power consumption limits imposed in a major Chinese production province sparked supply concerns.
The most-traded September aluminium contract on the Shanghai Futures Exchange rose 2.2% to 19,995 yuan ($3,097.02) a tonne by 0333 GMT, heading towards a January 2010-high of 20,530 per tonne.
Three-month aluminium on the London Metal Exchange edged up 0.1% to $2,595 a tonne, on track for the sixth straight monthly gain.
Henan Shenhuo Coal & Power Co Ltd said on Thursday its aluminium subsidiary in the major production hub of Yunnan faced a hit from power consumption limits enforced by local authorities.
* LME copper fell 0.3% to $9,796 a tonne, zinc advanced 0.4% to $3,010.50 a tonne and ShFE copper increased 0.3% to 71,730 yuan a tonne and ShFE nickel rose 1.1% to 148,160 yuan a tonne.
* Workers at Chile’s Andina copper mine operated by state-owned Codelco turned down the firm’s offer for a new collective contract on Thursday, paving the way for a potential strike at the facility, the union told Reuters.
* Asian shares slipped, with a gauge of regional equities set for its biggest monthly drop since the height of global pandemic lockdowns last March, while the dollar lagged near one-month lows on expectations of continued Fed stimulus.
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Source: Reuters (Reporting by Mai Nguyen in Hanoi; Editing by Ramakrishnan M.)