METALS-Base metal prices in China stabilise after selloff

SHANGHAI, April 8 (Reuters) - Base metal prices in China stabilised on Tuesday after the previous day's selloff, as market participants adopted a wait-and-see stance amid the escalating global trade war, which fuelled recession fears.

The most-traded copper contract on the Shanghai Futures Exchange (SHFE) dropped 1.4% to 73,270 yuan per metric ton as of 0120 GMT, hovering at a three-month low since January 3. It had fallen 7% when the market opened in Asia on Monday.

The benchmark three-month copper CMCU3 on the London Metal Exchange (LME) was up 0.4% to $8,768 per metric ton, rebounding from its lowest at $8,105 since November 2023 that it hit on Monday.

China's commerce ministry stated it will never accept the "blackmail nature" of the United States on Tuesday, following President Trump's threat on Monday to impose an additional 50% tariff on China if Beijing does not withdraw its retaliatory tariffs.

Top metals consumer China hit back last Friday with additional 34% tariffs on all U.S. goods from April 10, after U.S President Donald Trump imposed a 34% tariff on most Chinese goods as part of his sweeping reciprocal tariff program.

"Prices appear to have steadied today after yesterday's sharp decline, with people adopting a wait-and-see approach as retaliatory tariffs continue to evolve," a base metals trader said.

SHFE aluminium SAFcv1 gained 0.9% to 19,725 yuan a ton, zinc SZNcv1 gained 0.7% to 22,530 yuan, lead SPBcv1 fell 0.3% to 16,660 yuan, while nickel SNIcv1 was up 0.1% to 119,400 yuan, tin SSNcv1 fell 0.8% to 268,630 yuan.

Among other metals, LME aluminium CMAL3 added 0.6% to $2,384 a ton, lead CMPB3 added 0.4% to $1,877, zinc added 0.4% to $2,624, tin CMSN3 was down 0.1% at $33,900 and nickel CMNI3 was up 1.2% at $14,540 a ton.

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