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REFILE-METALS-Base metals mixed ahead of US-China trade talks

ReutersMay 9, 2025 8:36 AM

- Prices of base metals were mixed on Friday as traders' focus shifted to U.S.-China trade talks this weekend, after a limited bilateral deal was announced between Washington and London.

Benchmark copper CMCU3 on the London Metal Exchange (LME) fell 0.8% to $9,364 a metric ton as of 0706 GMT. The contract was, however, little changed from a week earlier.

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.

Traders adopted a cautious stance ahead of the 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 rose 0.2% to $2,418 a ton, zinc CMZN3 rose 0.4% to $2,630, lead CMPB3 added 1% to $1,964, and and nickel CMNI3 was up 0.2% to $15,5560, while tin CMSN3 lost 0.4% to $31,750.

The most-traded copper contract on the Shanghai Futures Exchange (SHFE) fell 0.2% to 77,450 yuan ($10,722) per ton.

SHFE aluminium SAFcv1 added 0.5% to 19,585 yuan a ton, zinc SZNcv1 was down 0.4% at 22,190 yuan, lead SPBcv1 was up 0.1% at 16,805 yuan, nickel SNIcv1 was down 0.2% to 123,450 yuan and tin SSNcv1 dropped 0.4% to 259,540 yuan.

($1 = 7.2435 Chinese yuan renminbi)

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