METALS-Copper prices inch up; caution prevails after Iran-Israel truce announcement
By Hongmei Li
SINGAPORE, June 24 (Reuters) - Copper prices on the London Metals Exchange and Shanghai Futures Exchange inched up on Tuesday as caution prevailed after U.S. President Donald Trump announced the Iran-Israel ceasefire.
LME three-month copper CMCU3 was up 0.52% at $9,717.5 per metric ton as of 0703 GMT and SHFE most-traded copper SCFcv1 gained 0.4% to 78,640 yuan ($10,956.77).
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 0.6% to $2,573 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 0.51% to 20,315 yuan.
LME Nickel CMNI3 gained 0.48% to $14,875 a ton, lead CMPB3 grew 0.37% to $2,010.5, and zinc CMZN3 inched up 0.07% to $2,689, while tin CMSN3 eased 0.06% to $32,675.
SHFE nickel SNIcv1 slipped 0.44% to 117,450 yuan. Meanwhile, zinc SZNcv1 added 0.73% to 22,090 yuan, lead SPBcv1 rose 0.5% to 16,955 yuan, and tin gained 0.3% to 263,800 yuan.
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