METALS-London copper inches higher after US court blocks Trump's tariffs
By Brijesh Patel
May 29 (Reuters) - London copper prices edged higher on Thursday, buoyed by upbeat market sentiment after a U.S. federal court blocked President Donald Trump's "Liberation Day" tariffs from going into effect, although a stronger dollar kept gains in check.
Three-month copper on the London Metal Exchange CMCU3 rose 0.2% to $9,577.50 per metric ton, as of 0151 GMT.
The most-traded copper contract on the Shanghai Futures Exchange (SHFE) SCFcv1 was steady at 78,010 yuan ($10,829.01)per ton.
A U.S. trade court on Wednesday blocked Trump's tariffs from going into effect in a sweeping ruling that the president overstepped his authority by imposing across-the-board duties on imports from nations that sell more to the United States than they buy.
This boosted risk sentiment in the wider financial markets, while also triggering a surge in the U.S. dollar index .DXY, which rose to highest level in more than a week. MKTS/GLOB
A stronger greenback makes dollar-denominated assets more expensive to holders of other currencies. USD/
Chile's state copper commission Cochilco raised its average copper price forecast for this year and next on Wednesday, citing an improved global outlook following a pause in the tariff war between the United States and China.
Copper, used in power and construction, is up 5% so far this month as global trade tensions eased compared to April when U.S. President Donald Trump announced reciprocal tariffs.
Among other London metals, aluminium CMAL3 eased 0.1% to $2,466 a ton, zinc CMZN3 edged 0.1% higher to $2,690.50, lead CMPB3 was little changed at $1,981.50 and nickel CMNI3 gained 0.7% to $15,115. Tin CMSN3 was down 0.3% to $31,540.
SHFE aluminium SAFcv1 rose 0.1% to 20,170 yuan a ton, lead SPBcv1 was up 0.2% at 16,785 yuan, nickel SNIcv1 fell 0.9% to 120,070 yuan, while zinc SZNcv1 was steady at 22,360 yuan and tin SSNcv1 fell 1.1% to 259,020 yuan.
($1 = 7.2038 Chinese yuan renminbi)
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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