METALS-Aluminium prices extend fall after U.S. reprieve for Rusal

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 BEIJING, April 24 (Reuters) - Aluminium prices continued to fall on Tuesday after Washington gave U.S. customers of Russian producer United Company Rusal more time to close out their business with the company and comply with sanctions. The U.S. sanctions on Rusal, announced on April 6, last week drove prices for the metal to their highest since mid-2011 on fears that the global market could face shortages. FUNDAMENTALS * LME ALUMINIUM: Three-month copper on the London Metal Exchange was down 1.7 percent at $2,250 a tonne by 0139 GMT. It fell by as much as 3.1 percent earlier in the session to $2,223, its lowest since April 12, and slid by 7 percent on Monday in its biggest one-day drop in eight years. * SHFE ALUMINIUM: The most-traded June aluminium contract on the Shanghai Futures Exchange slipped 3.3 percent to $14,445 yuan ($14,445.00) a tonne. * RUSAL: The U.S. Treasury gave Americans until Oct. 23 instead of June 5 to wind down business with Rusal and said it would consider lifting the sanctions if Rusal's major shareholder, Russian tycoon Oleg Deripaska, ceded control of the company. * INSIGHT: In December, as news reports emerged about potential new U.S. sanctions against Russia, aluminium magnate Deripaska instructed advisers to draw up contingency plans, according to people close to the businessman and his firms. * NICKEL: The Philippines is planning to limit the amount of land that miners can develop at any one time to boost environmental rehabilitation, a move that miners say may cut output of nickel ore in last year's top supplier to China. * CHILE: Chilean industrial conglomerate Empresas Copec SA said on Monday it had reached an agreement with Peru's Minsur S.A. to buy a 40-percent stake in a holding company that owns a Peruvian copper mine project for $168.5 million. * For the top stories in metals and other news, click or MARKETS NEWS * Asian stocks slipped and the U.S. dollar advanced on Tuesday, as a deluge of U.S. government debt this week and the spectre of inflation and a higher fiscal deficit drove U.S. borrowing costs near four-year highs. DATA AHEAD (GMT) 0645 France Business climate manufacturing Apr 0800 Germany Ifo business climate Apr 1300 U.S. Monthly Home Price Index Feb 1300 U.S. S&P/Case-Shiller housing index Feb 1400 U.S. New home sales Mar 1400 U.S. Richmond Fed composite index Apr PRICES BASE METALS PRICES 0139 GMT Three month LME copper 6938.5 Most active ShFE copper 51500 Three month LME aluminium 2255.5 Most active ShFE aluminium 14445 Three month LME zinc 3233.5 Most active ShFE zinc 24475 Three month LME lead 2322 Most active ShFE lead 18355 Three month LME nickel 14235 Most active ShFE nickel 103770 Three month LME tin 21100 Most active ShFE tin 146820 BASE METALS ARBITRAGE LME/SHFE COPPER LMESHFCUc3 465.23 LME/SHFE ALUMINIUM LMESHFALc3 -2108.86 LME/SHFE ZINC LMESHFZNc3 155.1 LME/SHFE LEAD LMESHFPBc3 455.71 LME/SHFE NICKEL LMESHFNIc3 -2509.99 ($1 = $1.0000) 

BEIJING, April 24 (Reuters) - Aluminium prices continued to fall on Tuesday after Washington gave U.S. customers of Russian producer United Company Rusal more time to close out their business with the company and comply with sanctions. The U.S. sanctions on Rusal, announced on April 6, last week drove prices for the metal to their highest since mid-2011 on fears that the global market could face shortages. FUNDAMENTALS * LME ALUMINIUM: Three-month copper on the London Metal Exchange was down 1.7 percent at $2,250 a tonne by 0139 GMT. It fell by as much as 3.1 percent earlier in the session to $2,223, its lowest since April 12, and slid by 7 percent on Monday in its biggest one-day drop in eight years. * SHFE ALUMINIUM: The most-traded June aluminium contract on the Shanghai Futures Exchange slipped 3.3 percent to $14,445 yuan ($14,445.00) a tonne. * RUSAL: The U.S. Treasury gave Americans until Oct. 23 instead of June 5 to wind down business with Rusal and said it would consider lifting the sanctions if Rusal's major shareholder, Russian tycoon Oleg Deripaska, ceded control of the company. * INSIGHT: In December, as news reports emerged about potential new U.S. sanctions against Russia, aluminium magnate Deripaska instructed advisers to draw up contingency plans, according to people close to the businessman and his firms. * NICKEL: The Philippines is planning to limit the amount of land that miners can develop at any one time to boost environmental rehabilitation, a move that miners say may cut output of nickel ore in last year's top supplier to China. * CHILE: Chilean industrial conglomerate Empresas Copec SA said on Monday it had reached an agreement with Peru's Minsur S.A. to buy a 40-percent stake in a holding company that owns a Peruvian copper mine project for $168.5 million. * For the top stories in metals and other news, click or MARKETS NEWS * Asian stocks slipped and the U.S. dollar advanced on Tuesday, as a deluge of U.S. government debt this week and the spectre of inflation and a higher fiscal deficit drove U.S. borrowing costs near four-year highs. DATA AHEAD (GMT) 0645 France Business climate manufacturing Apr 0800 Germany Ifo business climate Apr 1300 U.S. Monthly Home Price Index Feb 1300 U.S. S&P/Case-Shiller housing index Feb 1400 U.S. New home sales Mar 1400 U.S. Richmond Fed composite index Apr PRICES BASE METALS PRICES 0139 GMT Three month LME copper 6938.5 Most active ShFE copper 51500 Three month LME aluminium 2255.5 Most active ShFE aluminium 14445 Three month LME zinc 3233.5 Most active ShFE zinc 24475 Three month LME lead 2322 Most active ShFE lead 18355 Three month LME nickel 14235 Most active ShFE nickel 103770 Three month LME tin 21100 Most active ShFE tin 146820 BASE METALS ARBITRAGE LME/SHFE COPPER LMESHFCUc3 465.23 LME/SHFE ALUMINIUM LMESHFALc3 -2108.86 LME/SHFE ZINC LMESHFZNc3 155.1 LME/SHFE LEAD LMESHFPBc3 455.71 LME/SHFE NICKEL LMESHFNIc3 -2509.99 ($1 = $1.0000)