METALS-Copper holds steady at five-month high on China stimulus plan

SHANGHAI, March 18 (Reuters) - Copper prices on the London Metals Exchange (LME) held steady at a five-month high on Tuesday, driven by China's stimulus plan and a weak U.S. dollar.

Benchmark three-month copper CMCU3 on the LME steadied at a five-month high and was unchanged at $9,864 a metric ton, as of 0310 GMT.

The U.S. dollar =USD wallowed near a five-month trough, as investors grappled with the potential economic impact of growing global trade tensions.

A softer dollar makes greenback-priced commodities more affordable for buyers using other currencies.

"China vowed to revive consumption in the world's largest copper consuming market. The government unveiled a special action plan, containing 30 measures aimed at boosting spending by increasing people's incomes," ANZ Research said in a note.

China's State Council unveiled on Sunday a "special action plan" to boost domestic consumption, featuring measures including increasing residents' income and establishing a childcare subsidy scheme.

Meanwhile, the draft EU plan reveals the European Commission's consideration of potential import restrictions on aluminium, prompted by apprehensions that the metals tariffs imposed by the Donald Trump administration could trigger a surge of aluminium redirected towards Europe.

LME aluminium CMAL3 was flat at $2,687 a ton, lead CMPB3 slid 0.1% to $2,080, zinc lost 0.2% to $2,952, tin CMSN3 fell 0.5% to $35,030 and nickel CMNI3 was down 0.8% to $16,300.

SHFE copper SCFcv1 climbed 0.4% to 80,430 yuan ($11,120.17)a metric ton, SHFE aluminium SAFcv1 was down 0.1% at 20,890 yuan a ton, zinc SZNcv1 slid 0.9% to 23,960 yuan, lead SPBcv1 lost 0.9% to 17,565 yuan, tin SSNcv1 lost 0.6% to 281,500 yuan and nickel SNIcv1 lost 2.2% to 130,350 yuan.

($1 = 7.2328 Chinese yuan renminbi)

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