METALS-Shanghai metals ease as initial optimism over Beijing's growth pledge fades

By Hongmei Li

SINGAPORE, July 23 (Reuters) - Prices of most traded metals on the Shanghai Futures Exchange eased on Wednesday, as initial euphoria over Beijing's recent pledge to stabilize industrial growth faded and traders kept a close watch on developments in China-U.S. trade talks.

SHFE aluminium SAFcv1 was down 0.34% at 20,790 yuan($2,902.37) per ton, as of 0725 GMT, lead SPBcv1 eased 0.5% to 16,810 yuan, nickel SNIcv1 edged 0.1% lower to 123,220 yuan, and copper SCFcv1 receded 0.08% to 79,590 yuan.

Zinc SZNcv1 climbed 0.5% to 22,975 yuan, hovering at its highest point since April 1, and tin SSNcv1 advanced 0.42% to 268,540 yuan.

"Beijing's comments about stabilizing the industrial growth last Friday have been encouraging, though the support is more on sentiment, which has been fully reflected in the price strengthening in the past couple of days," said a Beijing-based metals analyst from a futures company.

Meanwhile, participants in Chinese metals markets closely monitored progress in U.S.-China trade discussions.

U.S. and Chinese officials will meet in Stockholm next week to discuss extending the deadline for trade deal negotiations, U.S. Treasury Secretary Scott Bessent said on Tuesday. The original deadline was August 12.

Lifting global sentiment, U.S. President Donald Trump said on Tuesday Washington and Japan had struck a trade deal that includes a lower 15% tariff that will be levied on U.S. imports from the country, including autos.

"Japan's 15% tariff has been better than expected and the best deal so far, which may shed some light on U.S.-China talks too, wondering what will be discussed when Trump visits China," the analyst added.

Trump said that he may visit China soon for a landmark trip to address simmering trade and security tensions between both the superpower economies.

Aluminium CMAL3 fell the most among the metals on the London Metal Exchange, down 0.85% at $2,636 a ton, tin CMSN3 dropped 0.44% to $33,760, copper CMCU3 went down 0.42% to $9,877.5, zinc CMZN3 eased 0.35% to $2,850, and nickel CMNI3 was flat at $15,525, while lead CMPB3 gained 0.17% to $2,014.5.

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