METALS-London metals gain after Trump tariff reprieve
By Michele Pek
SINGAPORE, May 26 (Reuters) - Prices of metals in London rose on Monday after U.S. President Donald Trump rescinded his threat of a 50% tariff on imports from the European Union starting June 1, buoying market sentiment.
Three-month copper on the London Metal Exchange CMCU3 gained 1.19% to $9,614 per metric ton by 0700 GMT, while the most-traded copper contract on the Shanghai Futures Exchange SCFcv1 nudged 0.57% higher to 78,270 yuan ($10,909.62) a ton.
On Sunday, Trump agreed to extend his deadline for trade talks until July 9 from the June 1 limit he set on Friday after European Commission President Ursula von der Leyen said the bloc needed more time to "reach a good deal".
The supply of copper raw materials is currently tight, which may drive copper prices higher in the short term, said broker Hexun Futures.
Moreover, copper inventories in warehouses monitored by the Shanghai Futures Exchange CU-STX-SGH fell 9% to 98,671 tons last week.
Still, tariff uncertainty may continue to restrict the performance of copper prices, said broker Everbright Futures.
Also supporting prices was a weaker U.S. dollar =USD, which sank 0.3% to 98.813, extending a 1.9% tumble from last week. USD/
A weaker greenback makes dollar-denominated assets more affordable to holders of other currencies. FRX/
Among other London metals, aluminium CMAL3 climbed 0.41% to $2,466 a ton, zinc CMZN3 firmed 0.56% to $2,712.5, lead CMPB3 added 1.22% to $1,994 and nickel CMNI3 rose 0.49% to $15,570. Tin CMSN3 firmed 0.89% to $32,665.
SHFE aluminium SAFcv1 eased 0.05% to 20,155 yuan a ton, lead SPBcv1 was up 0.12% at 16,795 yuan, zinc SZNcv1 eased 0.52% to 22,185 yuan, nickel SNIcv1 edged 0.08% lower to 122,780 yuan, and tin SSNcv1 fell 0.24% to 264,050 yuan.
($1 = 7.1744 Chinese yuan)
For related news and prices, click on the codes in brackets: LME price overview RING= COMEX copper futures 0#HG: All metals news MTL All commodities news C
Foreign exchange rates FX=SPEED GUIDES LME/INDEX
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