METALS-Aluminium hits three-month high after Hydro cyber attack

By Kitco News / March 19, 2019 / www.kitco.com / Article Link


* GRAPHIC-2019 asset returns: (Updates with closing prices)By Eric OnstadLONDON, March 19 (Reuters) - Aluminium touched a three-monthpeak on Tuesday after major producer Norsk Hydro washit by a cyber attack, causing its giant smelters to switch tomanual operation and some extrusion plants to be shut.Other industrial metals also gained ground on optimism abouteasy monetary policy ahead of a U.S. central bank meeting and onhopes for further stimulus in top metals consumer China.Aluminium prices spiked after Hydro said the IT systems formost of its activities had been affected. "The trigger was the news from Hydro about their productionproblems after the cyber attack, and since aluminium is themetal with the biggest short position, there was probably shortcovering taking place," said Gianclaudio Torlizzi, partner atconsultancy T-Commodity in Milan.Benchmark aluminium on the London Metal Exchangetraded 1.3 percent higher at $1,946 a tonne, the strongest sinceDec. 18, in closing open outcry trading.



* ALUMINIUM INVENTORIES: Helping to cap gains in aluminiumwas a 17 percent jump in on-warrant LME inventories , stocks not earmarked for delivery, to 761,425tonnes, daily LME data showed on Tuesday.


* FED MEETING: Base metals joined rising world shares asrisk appetite increased, with investors betting on a dovishstatement from the U.S. central bank on Wednesday. Torlizzi, however, was cautious. "If you stick to theeconomic data, there shouldn't be so many reasons to bebullish," he said. "The market is running the risk of beingdisappointed tomorrow, which could translate into downsidepressures."
* COPPER: Three-month copper gained 0.5 percent toend at $6,459 a tonne after a union at Chile's Sierra Gordacopper mine, controlled by Polish mining company KGHM ,said it could strike this week after rejecting the latest offerin contract negotiations.
* TECHNICALS: LME copper may test resistance at $6,525 pertonne this week, a break above which could lead to a gain intothe range of $6,594-$6,662, according to Reuters technicalanalyst Wang Tao.


* NICKEL: A rise in Chinese steel and iron ore pricessupported nickel, mainly used to make stainless steel. LME prices climbed 1.9 percent to finish at $13,190 a tonne.
* PHILIPPINE NICKEL: Nickel Asia Corp , thePhilippines' top nickel ore producer, expects its 2019 shipmentsto be unchanged from last year, although it plans to increaseits domestic sales to maximise profits.
* PRICES: Zinc gained 1.3 percent to close at $2,818a tonne, lead slipped 0.1 percent to $2,038, and tin added 0.5 percent to finish at $21,275.
* For the top stories in metals and other news, click or <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^Top Base and Precious Metals Analysis - GFMS TECH/C ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Additional reporting by Mai Nguyen in Singapore; Editing byJan Harvey)

Reuters Messaging: eric.onstad.thomsonreuters.com@reuters.net))

LME price overview COMEX copper futures Base metals news All metals news All commodities news Foreign exchange rates SPEED GUIDES)) Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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