METALS-Industrial metals down pressured by stronger dollar

By Brijesh Patel

May 28 (Reuters) - Industrial metals were subdued on Wednesday, weighed by a higher dollar, while improved risk appetite across financial markets following U.S. President Donald Trump's latest tariff respite offered support.

Three-month copper on the London Metal Exchange CMCU3 was down 0.1% at $9,585 per metric ton by 0704 GMT.

The most-traded copper contract on the Shanghai Futures Exchange (SHFE) SCFcv1 edged 0.1% lower to 78,200 yuan ($10,868.36) per ton.

The dollar index =USD added to overnight gains, making dollar-denominated assets more expensive to holders of other currencies. FRX/

The global refined copper market showed a 17,000 metric tons surplus in March, compared with a 180,000 metric tons surplus in February, the International Copper Study Group (ICSG) said in its latest monthly bulletin.

However, risk sentiment received a boost in the wider financial markets after Trump rolled back on Sunday his threat to impose 50% tariffs on imports from the EU next month, restoring a July 9 deadline to allow for talks.MKTS/GLOB

"Copper prices in the last two weeks have been trading in line with all sentiment in the global stock market. Trade optimism has lifted the US stock market and it has a kind of a spill over impact on copper prices as well," said Kelvin Wong, a senior market analyst, Asia Pacific at OANDA.

Also supporting risk sentiment was data on Tuesday that showed U.S. consumer confidence snapped five straight months of decline and improved in May amid the truce in the trade war between Washington and Beijing.

Among other London metals, aluminium CMAL3 eased 0.3% to $2,478 a ton, zinc CMZN3 fell 0.7% to $2,688, lead CMPB3 shed 0.4% to $1,977 and nickel CMNI3 weakened 1.6% to $15,165. Tin CMSN3 was down 2.3% to $31,840.

SHFE aluminium SAFcv1 rose 0.2% to 20,095 yuan a ton, lead SPBcv1 was down 0.5% at 16,705 yuan, nickel SNIcv1 slipped 2.1% to 119,800 yuan, while zinc SZNcv1 dipped 0.9% to 22,210 yuan and tin SSNcv1 fell 3.1% to 256,870 yuan.

($1 = 7.1952 Chinese yuan renminbi)

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