LONDON, Feb 26 (Reuters) - Aluminium prices hit a one-month low on Monday after inventories in Shanghai jumped and the United States did not impose sanctions on Russian metal.

Benchmark aluminium on the London Metal Exchange rose 0.3% to $8,495 a metric ton by 1105 GMT from an earlier $2,175, its lowest since Jan. 23. It hit a three-week high last week in anticipation of a U.S. package of sanctions against Russia, including metals.

"It doesn't make sense for the U.S. to hit aluminium because the Russians will retaliate. Russia could restrict PGM (platinum group metals) exports and hurt the auto industry," said Liberum analyst Tom Price.

"Normally at this time of year you see inventories of copper and zinc in Shanghai expand. It's odd seeing aluminium and nickel rise as well. It's probably metal being released back to the market by speculators."

Aluminium stocks in warehouses monitored by the Shanghai Futures Exchange jumped 65.6% last week to the highest since last May at 173,482 tons.

Nickel inventories in ShFE warehouses rose 11% to at 17,758 tons for the highest level since December 2020.

LME nickel, which had also climbed on some expectations of sanctions on Russian metal, was down 1.3% at $17,265 a ton. Russian nickel accounted for 200,000 tons, or nearly 6%, of global supplies last year, according to U.S. Geological Survey (USGS).

Russian aluminium, at 3.8 million tons, amounted to nearly 6% of global supplies last year, according to USGS.

The focus this week is on inflation data from the United States on Thursday for indications on when the Federal Reserve might cut interest rates, which would weaken the dollar.

A weaker U.S. currency makes dollar-priced metals cheaper for holders of other currencies.

Also on the agenda are surveys of purchasing managers in China's manufacturing sector on Friday, which could shed light on demand prospects for industrial metals in the top consumer.

In other metals, copper was down 0.9% at $8,488 a ton, zinc gained 0.7% to $2,421, lead slipped 0.2% to $2,091 and tin was down 0.2% at $26,320.

(Reporting by Pratima Desai Editing by David Goodman )