METALS-Copper prices ease on caution amid tariffs talks

By Lucas Liew

July 29 (Reuters) - Copper prices slipped on both London and Shanghai exchanges on Tuesday, as traders weighed ongoing U.S.-China negotiations and the talks between the world's top copper producer Chile and the U.S. over the latter's 50% copper tariffs on August 1.

Three-month copper on the London Metal Exchange CMCU3 was down 0.17% at $9,776.5 per metric ton by 0126 GMT, while the most-traded copper contract on the Shanghai Futures Exchange SCFcv1 edged down 0.08% to 78,920 yuan ($10,994.25) a ton.

"The softening in copper prices reflects similar declines in other Chinese futures and is likely to be short-lived, as traders are cautious and closely watching U.S.-China trade talks and developments in U.S. copper import tariffs," a Shanghai-based analyst at a futures company said.

Top U.S. and Chinese economic officials met in Stockholm and held talks for more than five hours on Monday, seeking to resolve ongoing trade disputes between the world's top two economies, and to extend a truce by three months.

Elsewhere, Chile, the world's top copper producer and largest provider of refined copper to the U.S., expects U.S. copper tariffs to be discussed within broader U.S. trade talks in Washington this week, Finance Minister Mario Marcel said on Monday.

Among other LME metals, aluminium CMAL3 slid 0.1% to $2,629 a ton, nickel CMNI3 fell 0.19% to $15,240, and zinc CMZN3 lost 0.2% to $2,812, while lead CMPB3 gained 0.25% to $2,022 and tin CMSN3 climbed 0.14% to $33,760.

SHFE nickel SNIcv1 fell 0.73% to 121,940 yuan a ton, aluminium SAFcv1 dipped 0.19% to 20,610 yuan, zinc SZNcv1 was down 0.31% at 22,665 yuan, tin SSNcv1 lost 0.54% to 267,230 yuan, while lead SPBcv1 gained 0.03% to 16,945 yuan.

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DATA/EVENTS (GMT)
1000 France Unemp Class-A SA June

1400 US Consumer Confidence July

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