METALS-Caution over US-China tariff truce drags metals lower

SHANGHAI, May 15 (Reuters) - Prices of most base metals in London edged lower on Thursday, as the U.S.-China tariff truce sparked caution amid uncertainty over various trade deals.

Benchmark copper CMCU3 on the London Metal Exchange (LME) fell 0.6% to $9,533 a metric ton on 0146 GMT.

On Wednesday, China paused some non-tariff measures taken in April against several U.S. entities - 17 on its unreliable entity list and 28 on its export control list, the commerce ministry said.

The two countries have agreed to reduce the tit-for-tat tariffs and implement a 90-day pause on actions, while Washington said it would cut the "de minimis" tariff for low-value shipments from China to 30%.

"The trade tariff conflict is moving in a positive direction, alleviating concerns about a global recession," a trader said.

"However, trade negotiations are complex and lengthy, so we cannot confidently predict that things will return to normal after the 90-day truce."

Among other London metals, aluminium CMAL3 slid 0.4% to $2,518 a ton, zinc CMZN3 lost 0.3% to $2,755, lead CMPB3 fell 0.7% to $1,983 and nickel CMNI3 eased 0.6% to $15,775. Tin CMSN3 was flat at $32,825.

On the Shanghai Futures Exchange, most metals rose on growth in demand indicators, with China's total social financing, a key measure of future industrial metals demand, up 8.7% in April, a 13-month high, driven by increased government bond issuance.

The most-traded copper contract on the Shanghai Futures Exchange (SHFE) fell 0.3% to 78,290 yuan ($10,851.76) per ton.

SHFE aluminium SAFcv1 rose 0.6% to 20,280 yuan a ton, zinc SZNcv1 gained 0.8% to 22,710 yuan, lead SPBcv1 added 0.4% to 16,995 yuan, nickel price SNIcv1 climbed 0.7% to 125,210 yuan, and tin SSNcv1 advanced 0.4% to 265,680 yuan.

($1 = 7.2145 Chinese yuan renminbi)