METALS-Metals in tight range ahead of China-US trade talks

SHANGHAI, May 9 (Reuters) - Metal prices in London traded in tight ranges on Friday as traders waited cautiously ahead of the U.S.-China trade talks this weekend.

Benchmark copper CMCU3 on the London Metal Exchange (LME) fell 0.3% to $9,405 a metric ton as of 0135 GMT.

U.S. President Donald Trump and British Prime Minister Keir Starmer on Thursday announced a limited bilateral trade agreement that leaves in place Trump's 10% tariffs on British exports, modestly expands agricultural access for both countries and lowers prohibitive U.S. duties on British car exports.

At the same time, traders adopted a cautious stance ahead of the scheduled U.S.-China meeting in Switzerland this weekend, after months of escalating tensions that pushed tariffs between the world's two largest economies well beyond 100%.

The two countries are expected to discuss easing broader tariffs and duties on specific products.

"The discussions between the U.S. and China this weekend are crucial. Given the unpredictable nature of Trump's stance, we are watching the situation with caution until we see clear indications of advancement," a trader said.

Among other London metals, aluminium CMAL3 lost 0.2% to $2,408 a ton, zinc CMZN3 rose 0.1% to $2,620, lead CMPB3 added 0.5% to $1,954, tin CMSN3 lost 0.2% to $31,800 and nickel CMNI3 was flat at $15,540 a ton.

The most-traded copper contract on the Shanghai Futures Exchange (SHFE) rose 0.1% to 77,670 yuan ($10,722) per ton with support from rapidly falling stocks monitored by SHFE driven by robust domestic demand.

The Yangshan copper premium SMM-CUYP-CN, a gauge of China's copper demand, is at its highest since December 2023 at $102 a ton on Thursday.

SHFE aluminium SAFcv1 added 0.6% to 19,600 yuan a ton, zinc SZNcv1 was flat at 22,285 yuan, lead SPBcv1 was unchanged at 16,790 yuan, nickel SNIcv1 was flat at 123,660 yuan and tin SSNcv1 rose 0.1% to 260,980 yuan.

($1 = 7.2435 Chinese yuan renminbi)

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