METALS-Shanghai aluminum hits 5-week high; Xi speech in focus

BEIJING, April 10 (Reuters) - Shanghai aluminum prices touched their highest in five weeks on Tuesday, pulled higher by U.S. sanctions on Russian producer United Company Rusal , as most base metals rose ahead of a key speech by Chinese President Xi Jinping. China, the world's biggest aluminum producer, imported only 14,631 tonnes of primary aluminum from Russia in 2017, according to Chinese customs data, although Russia was still its top supplier of the metal. Xi is addressing the Boao Forum for Asia in Hainan, with investors watching for comments on a brewing U.S.-China trade war that has roiled metals markets.

FUNDAMENTALS

* SHFE ALUMINIUM: The most-traded May aluminum contract on the Shanghai Futures Exchange climbed 1 percent to 14,280 yuan ($2,265.55) a tonne by 0138 GMT. It earlier touched 14,345 yuan a tonne, its highest since March 7.

* LME ALUMINIUM: Three-month aluminum on the London Metal Exchange was down 0.1 percent at 2,137.50 a tonne by 0130 GMT, having jumped 4.7 percent in the previous session on supply concerns after the United States imposed sanctions on Rusal.

* ALUMINIUM: Rio Tinto will be among the biggest winners from the U.S. sanctions imposed on Russian aluminum giant United Company Rusal as the penalties further shake up the global metals trade and boost costs for U.S. consumers, industry sources said on Monday.

* COLUMN: U.S. sanctions on Rusal threaten aluminum turmoil: Andy Home.

* COPPER: Three-month copper in London was up 0.6 percent at $6,871 a tonne, extending a 0.9 percent gain on Monday, while Shanghai copper climbed 1.1 percent to 50,920 yuan a tonne.

* COPPER Chile's state-owned miner Codelco <IPO-CIU.L>, the world's biggest copper producer, said on Monday that it has reached a deal on a new collective labor contract with a union of professional workers at its Chuquicamata mine.

* CRU/CESCO: SolGold has received advances from a dozen big miners, including BHP and Vale , for its copper and gold discovery in Ecuador, an executive said on Monday, but has rejected them to develop the project alone.

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MARKETS NEWS

* Asian shares edged lower on Tuesday as Wall Street retreated from its highs after the FBI raided the offices of U.S. President Donald Trump's long-time lawyer, dampening risk appetite already under strain from an escalating U.S.-China trade spat.

PRICES

BASE METALS PRICES 0138 GMT Three month LME copper 6871 Most active ShFE copper 50920 Three month LME aluminum 2136 Most active ShFE aluminum 14280 Three month LME zinc 3231 Most active ShFE zinc 24585 Three month LME lead 2384 Most active ShFE lead 18475 Three month LME nickel 13440 Most active ShFE nickel 100610 Three month LME tin 21210 Most active ShFE tin 144750

BASE METALS ARBITRAGE

LME/SHFE COPPER LMESHFCUc3 618.23 LME/SHFE ALUMINIUM LMESHFALc3 -1268.42 LME/SHFE ZINC LMESHFZNc3 268.58 LME/SHFE LEAD LMESHFPBc3 107.54 LME/SHFE NICKEL LMESHFNIc3 514.57

($1 = 6.3031 Chinese yuan)

(Reporting by Tom Daly; Editing by Biju Dwarakanath)