Shanghai copper rangebound as caution tempers US-China trade optimism

SINGAPORE, May 13 (Reuters) - Copper prices were rangebound on Tuesday, with the most-traded contract on the Shanghai Futures Exchange (SHFE) edging higher, as lingering caution tempered relief from a U.S.-China tariff truce aimed at easing trade tensions.

The SHFE contract was up 0.1% at 78,090 yuan ($10,859.86) per ton, as of 0700 GMT. The benchmark copper CMCU3 on the London Metal Exchange was up 0.5% at $9,567 a metric ton, as caution persisted despite a trade agreement between Beijing and Washington on Monday.

The joint U.S.-China statement pledging to reduce tit-for-tat tariffs for 90 days and work toward ending their trade war lifted industrial metals on Monday.

U.S. President Donald Trump had boosted tariffs on imports from China to 145%, in addition to those he imposed on many Chinese goods during his first term in office and the duties levied by the previous Biden administration.

Among other London metals, aluminium CMAL3 slid 0.1% to $2,478 a ton on Tuesday, zinc CMZN3 added 0.5% to $2,692, lead CMPB3 gained nearly 1% to $1,994 and nickel CMNI3 fell 0.2% to $15,605. Tin CMSN3 dropped 0.7% to $32,360.

SHFE nickel SNIcv1 fell 1.5% to 123,860 yuan, aluminium SAFcv1 gained 1.3% to 20,005 yuan a ton, zinc SZNcv1 was flat at 22,235 yuan, lead SPBcv1 gained 0.3% to 16,970 yuan, while tin SSNcv1 rose 0.2% to 262,070 yuan.

($1 = 7.1907 Chinese yuan)