METALS-London copper little changed, market awaits US-China trade talk details

By Hongmei Li

SINGAPORE, June 11 (Reuters) - London copper prices were almost flat on Wednesday, with investors awaiting more details after the latest signs of progress in U.S.-China trade talks.

U.S. and Chinese officials agreed on a framework to put their trade truce back on track and resolve China's export restrictions on rare earth minerals and magnets, U.S. Commerce Secretary Howard Lutnick said on Tuesday at the conclusion of two days of intense negotiations in London.

Three-month copper on the London Metal Exchange CMCU3 lost just $2 per metric ton to $9,754.5 by 0105 GMT, and the most-traded copper contract on the Shanghai Futures Exchange SCFcv1 stayed unmoved at 79,130 yuan a ton ($11,010.16).

The dollar was steady against its major peers on Wednesday after the talks.

"It will still be very hard and it will take a long time for both sides to reach a comprehensive trade agreement," Carol Kong, currency strategist, Commonwealth Bank of Australia, said.

"That sort of comprehensive deal usually takes years to be reached, so I'm skeptical that a framework reached at the meeting in London will be comprehensive."

Among other LME metals, aluminium CMAL3 added 0.3% to $2,499.5 a ton, lead CMPB3 gained 0.2% to $1,985.5, and nickel CMNI3 gained 0.1% to $15,325.

Among SHFE metals, tin SSNcv1 gained 0.6% to 265,310 yuan a ton, aluminum SAFcv1 went up 0.6% to 20,110 yuan, zinc SZNcv1 gained 0.2% to 21,915 yuan, while nickel SNIcv1 fell 0.2% to 121,370 yuan, and lead SPBcv1 eased 0.1% to 16,835 yuan.

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TOP/MTL or MET/L

DATA/EVENTS (GMT)
1230 US Core CPI MM, SA; YY, NSA May

1230 US CPI MM, SA; YY, NSA May

1230 US CPI Wage earner May

($1 = 7.1870 Chinese yuan)

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