METALS-London copper inches up ahead of US-China trade talks

By Hongmei Li

June 9 (Reuters) - London copper prices firmed on Monday, driven by optimism ahead of U.S.-China trade talks to be held later in the day.

Shares jumped and the dollar pared recent gains as Asian markets reacted to better-than-expected U.S. jobs data ahead of the talks, aimed at mending a trade rift between the United States and China.

On Monday, three of U.S. President Donald Trump's top aides will meet with their Chinese counterparts in London to resolve a trade dispute that has kept global markets on edge.

The three-month copper contract on the LME CMCU3 traded up 0.4% at $9,733.5 per metric ton by 0709 GMT. The most-traded copper contract on the Shanghai Futures Exchange SCFcv1, inched up 0.1% to 78,910 yuan a ton ($10,981.99).

Copper inventories in China have been rising, though moderately, not adding much pressure on prices, Shanghai-based commodity research house SHMET wrote in a report.

Total copper stocks CU-STX-SGH in the SHFE-registered warehouses gained 1,613 tons on the week to 107,404 tons in the week ended June 6.

As for demand, Yangshan copper premium SMM-CUYP-CN, a gauge of China's appetite to import copper, fell to $41 a ton last Friday, a three-month low. It peaked at $103 in early May, the highest since mid-December 2023.

Among other London metals, LME tin CMSN3 gained 0.5% to $32,495 a ton, aluminium CMAL3 rose 0.4% to $2,460 a ton, nickel CMNI3 gained 0.2% to $15,515, while zinc CMZN3 fell 0.3% to $2,657.5.

Among other SHFE metals, nickel SNIcv1 was up 0.5% at 122,710 yuan a ton, lead SPBcv1 gained 0.5% to 16,765 yuan, while zinc SZNcv1 fell 1.8% to 21,910 yuan.

Supply of zinc had appeared abundant while demand had shown signs of softening, according to SHMET's report.

Total zinc stocks ZN-STX-SGH in the SHFE-registered warehouses rebounded in the week ended June 6, up 4,702 tons on week to 47,012 tons.

For top stories in metals and other news, click

TOP/MTL or MET/L

($1 = 7.1854 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