METALS-Metals rangebound as caution prevails after Iran-Israel truce announcement

By Hongmei Li

SINGAPORE, June 24 (Reuters) - Most metals on the London Metals Exchange and Shanghai Futures Exchange were rangebound on Tuesday as caution prevailed after U.S. President Donald Trump announced the Iran-Israel ceasefire.

LME three-month copper CMCU3 was up 0.04% at $9671.5 per metric ton as of 0103GMT and SHFE most-traded copper SCFcv1 gained 0.09% to 78,400 yuan ($10,920.74).

In a post on his Truth Social site, Trump said a "complete and total" ceasefire between Israel and Iran would go into force with a view to ending the 12-day conflict.

"Traders and investors will probably wait and see what will really happen afterward as unpredictability has been very much the theme in the commodity market this year," said a Shanghai-based metals analyst from a futures company.

The U.S. dollar fell and oil tumbled to its lowest in more than a week as news of the ceasefire relieved worries of potential supply disruptions.

A softer dollar makes greenback-priced commodities cheaper for buyers holding other currencies.

LME aluminium CMAL3 fell 0.77% to $2,568.5 a ton. It had touched a three-month high on Monday on concerns that the conflict would push up energy prices and disrupt supplies. SHFE aluminium eased 0.37% to 20,345 yuan.

LME zinc CMZN3 lost 0.37% to $2,677 a ton, tin CMSN3 shed 0.13% to $32,650 and lead CMPB3 dipped 0.05% to $2,002. Nickel CMNI3 gained 0.21% to $14,835.

SHFE nickel SNIcv1 slipped 0.58% to 117,280 yuan. Meanwhile, zinc SZNcv1 added 0.68% to 22,080 yuan and lead SPBcv1 rose 0.3% to 16,920 yuan.

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