News: RIO METALS-China aluminium prices drop sharply amid signs of robust global output

(Recasts on aluminium, updates prices)

China aluminium futures fell sharply on Tuesday to their lowest in more than three months, dragged down by signs of robust global production.

• ALUMINIUM DROP: The most-traded aluminium contract on the Shanghai Futures Exchange SAFcv1 lost 2.45 percent to close at 14,910 yuan ($2,247.14), its weakest since early August.
• ALUMINIUM OUTPUT: Global production for October, excluding China, was 2.179 million tonnes, up from 2.1 million tonnes in September, International Aluminium Institute (IAI) data showed on Monday. However, Chinese daily average output fell to 82,100 tonnes in October against 86,900 tonnes in September.
• LONDON ALUMINIUM: London Metal Exchange three-month aluminium CMAL3 had eased to $2,079.50 a tonne by 0700 GMT adding to the previous session's losses.
• SHANGHAI NICKEL: ShFE nickel SNIcv1 closed 0.83 percent higher. Traders said the metal was finding support from stronger ShFE steel rebar futures SRBcv1, which closed 2.7 percent firmer on expectations that Chinese demand would bounce back sharply when production curbs are lifted after winter. Nickel is chiefly used as an alloy for steel manufacturing. [IRONORE/]
• LME NICKEL: Three-month nickel on the London Metal Exchange CMNI3 was also slightly firmer at $11,677 a tonne, extending modest gains from the previous session.
• COPPER SMELTER BACK: Global miner Rio Tinto Plc (RIO) restarted the smelter at its large Kennecott mine in the United States last Friday after a nearly six-week outage, but force majeure on refined copper has not yet been lifted, a company spokesman said on Monday.
• DOLLAR FIRM: The dollar gave back some of its gains in Asian trading on Tuesday, but stuck close to a one-week high against a basket of currencies as German political deadlock continued to pressure the euro.

  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

  ARBS LMESHFCUc3 LMESHFALc3 LMESHFZNc3 LMESHFPBc3 LMESHFNIc3

($1 = 6.6351 Chinese yuan renminbi)

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