METALS-Metals rise on 'constructive' US-China trade talks

SHANGHAI, May 12 (Reuters) - Prices of base metals were up on Monday as signs of progress in U.S.-China trade talks eased global recession fears, although details of any potential deals remain unclear.

Benchmark copper CMCU3 on the London Metal Exchange (LME) rose 0.6% to $9,497.5 a metric ton as of 0113 GMT.

U.S. Treasury Secretary Scott Bessent described "substantial progress" in trade discussions, while Chinese officials said the sides had reached "important consensus" and agreed to launch another new economic dialogue forum.

Chinese Vice Premier He Lifeng described the talks as "candid, in-depth and constructive".

A joint statement is expected later on Monday, with neither side mentioning any tariff rates specifically.

"It's encouraging that both parties have expressed optimism about the outcome," a trader said.

"However, the specifics are currently unclear and there may be multiple rounds of trade negotiations ahead."

Among other London metals, aluminium CMAL3 rose 0.5% to $2,430 a ton, zinc CMZN3 added 0.6% to $2,668, lead CMPB3 gained 0.5% to $1,991 and nickel CMNI3 advanced 0.2% to $15,845. Tin CMSN3 climbed 0.5% to $32,035.

The most-traded copper contract on the Shanghai Futures Exchange (SHFE) gained 0.6% to 78,090 yuan ($10,791.28) per ton.

Nickel price SNIcv1 on the SHFE outperformed, rising 2.1% to 126,280 yuan, driven by speculations that the Philippines is planning to implement a nickel ore export ban from next month.

However, the Shanghai Metals Market noted that the Philippines' proposed policy was still under review and would be discussed further when Congress reconvenes in June.

The news is expected to struggle to impact the nickel industry's fundamentals in the short term, it added.

SHFE aluminium SAFcv1 gained 1% to 19,800 yuan a ton, zinc SZNcv1 added 0.6% to 22,380 yuan, lead SPBcv1 rose 0.9% to 16,945 yuan, nickel SNIcv1 climbed 2.1% to 126,280 yuan and tin SSNcv1 advanced 0.6% to 262,500 yuan.

($1 = 7.2364 yuan)

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