BEIJING, June 13 (Reuters) - Base metals prices mostly fell
in early trade on Wednesday, led by Shanghai aluminium, which
sank to a six-week low, as investors awaited news from the U.S.
Federal Reserve's policy meeting, at which it is expected to
raise interest rates.
Higher interest rates usually strengthen the dollar, making
dollar-denominated metals more expensive for holders of other
currencies weighing on prices.
FUNDAMENTALS
* SHFE ALUMINIUM: The most-traded August aluminium contract
on the Shanghai Futures Exchange was down 1.4 percent
at 14,675 yuan ($2,291) a tonne, as of 0157 GMT, having earlier
touched 14,570 yuan a tonne its lowest since May 2.
* COPPER: Three-month copper on the London Metal Exchange
fell 0.4 percent to $7,197 a tonne, trading lower for a
fourth straight session, while Shanghai copper shed 0.6
percent to 53,670 yuan a tonne.
* DRC: Democratic Republic of Congo state miner Gécamines
will drop legal proceedings to dissolve a copper and cobalt
joint venture with a subsidiary of Glencore Plc after
reaching a settlement with its partner that includes Gécamines
getting a $150 million payment.
* PERU: Southern Copper Corp said on
Tuesday that it plans to start building its proposed $2.5
billion copper mine Michiquillay in Peru next year and will
likely start operations in 2022 - three years earlier than
previously forecast.
* INSIGHT: After an Indian state shut a copper smelter run
by Vedanta Resources following deadly protests, the company
faces another challenge 1,000 miles away, where axe-toting
tribesmen and environmentalists have joined forces to demand the
closure of an alumina refinery.
* ALUMINA: A court in the Brazilian state of Para denied a
bid by Norsk Hydro ASA to appeal the partial suspension
of bauxite refining operations at its Alunorte unit in another
blow to the world's largest alumina refinery.
* LITHIUM: Miners are pushing to sharply boost lithium
output in the United States, as automakers in the world's third
biggest electric vehicle market are eager to cut their
dependence on China for the critical battery ingredient and find
more local sources.
