Off The Wire
METALS-Aluminium slips after U.S. vote clears way for lifting of Rusal sanctions
Benchmark LME aluminium fell 0.1 percent to $1,858 a tonne in closing open outcry trading, recouping losses after touching an intraday low of $1,822.50.
* WEAK ACTIVITY: A combination of uncertain macro elements, including a slowdown of China's economy, was curbing activity on metals markets, Snowdon said. "Broadly, conviction remains low. You're caught between the crosswinds of continued weakness in the Chinese macro data, but clearly a more proactive policy on the environment."
* CHINA STIMULUS: Some metals gained, helped as China
announced more stimulus, with the country's central bank
injecting more cash into the financial system, bringing the
amount for the week to 1.14 trillion yuan ($168.74 billion)
* CHINA COPPER: Copper on the Shanghai Futures Exchange has flipped into backwardation amid a promise of value-added tax (VAT) cuts in China, which has increased near-term demand for physical copper, brokerage Jinrui Futures said in a note. Three-month LME copper finished up 0.4 percent at $5,992 a tonne, the highest since Jan. 9.
* NICKEL: The discount of cash LME nickel to the three-month contract surged to $66.50 from $9.00 the previous day. Analysts said the spread had tightened due to temporary factors related to the expiry of an LME monthly nickel futures contract on Wednesday.
* PRICES: LME nickel shed 0.3 percent to close at$11,590 a tonne, zinc climbed 2 percent to $2,547, the highest since Dec. 27, lead fell 0.6 percent to $1,963 and tin ended up 0.1 percent at $20,585.
* For the top stories in metals and other news, click or <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ Top Base and Precious Metals Analysis - GFMS ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Addtionial reporting by Naveen Thukral in SINGAPORE and Tom Daly in BEIJING; Editing by Alexander Smith and David Evans)
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