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REUTERS
April 17, 2018

Copper down

Business

REUTERS
April 17, 2018

Melbourne/Beijing: Three-month copper on the LME was down 0.2 percent at $6,818.50 a tonne, after edging up 0.1 percent on Friday, while ShFE copper slipped 0.1 percent to 50,350 yuan a tonne.

Shanghai aluminium prices hit a two-month high on Monday after Rio Tinto said it would declare force majeure on certain customer contracts in light of U.S. sanctions on its partner, Russian aluminium giant Rusal.

Rusal holds a 20 percent stake in Rio´s Queensland Alumina refinery in Australia, as concerns over supply shortages focus not only on aluminium but also the substance used to make the metal.

"China and Russia´s aluminium industry are now both affected by the sanctions," consultancy AZ China said in a note over the weekend, referring to a 10 percent import tariff imposed by U.S.President Donald Trump.

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