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

By Hongmei Li

SINGAPORE, June 11 (Reuters) - London copper prices eased 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 contract on the London Metal Exchange CMCU3 fell 0.1% to $9,743.5 by 0728 GMT, while the most-traded copper contract on the Shanghai Futures Exchange SCFcv1 gained 0.2% to 79,290 yuan a ton ($11,034.57).

The U.S. dollar was steady against its major peers on Wednesday after the talks. (=USD)

"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 1.2% to $2,522.5 a ton, zinc CMZN3 gained 0.8% to $2,678.5, nickel CMNI3 was up 0.4% to $15,385, and lead <CMPB3> inched up 0.1% to $1,984.

Among other SHFE metals, aluminium SAFcv1 went up 1.3% to 20,250 yuan a ton as the metal found some support on dwindling stocks, a Shanghai-based commodity research house SHMET said.

Aluminium stocks AL-STX-SGH in SHFE-registered warehouses have been declining since the end of March, almost halving to 118,165 tons, as of June 6.

Zinc SZNcv1 gained 1.2% to 22,140 yuan, tin SSNcv1 gained 0.7% to 265,530 yuan, nickel SNIcv1 up 0.1% to 121,790 yuan.

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