London Metals Prices Mixed on Optimism Around US-China Trade Talks

SEATTLE (Scrap Monster): London metals prices were mixed on Monday as optimism over easing U.S.-China trade tensions offered some respite to investors, although concerns over the fragile negotiations lingered.

Benchmark copper on the London Metal Exchange (LME) was flat at $9,378 a metric ton by 0737 GMT.

The thaw in relations was sparked by China's decision to exempt certain U.S. imports from its retaliatory tariffs, a move seen as a sign that the trade war between the world's two biggest economies may be abating.

U.S. President Donald Trump's administration had signalled a willingness to de-escalate the trade conflict last week.

Trump asserted that talks on tariffs were underway with China, although Beijing has denied that any talks have are occurring.

The protracted trade spat raised concerns about a potential global recession, and investors have been closely watching developments.

"The market is currently being driven by U.S.-China trade talks, and while there is optimism around that, we remain cautious as sentiment can shift rapidly," said a trader, highlighting the ongoing uncertainty surrounding the negotiations.

In other London metals, aluminum slipped 0.1% to $2,426.5 a ton, zinc slipped 0.3% to $2,637, lead rose 1.2% to $1,967, tin lost 0.6% to $31,790 and nickel was up 0.8% at $15,650 a ton.

Meanwhile, the most-traded copper contract on the Shanghai Futures Exchange (SHFE) dipped 0.1% to 77,580 yuan ($10,630.46) per metric ton.

SHFE aluminum dipped 0.1% to 19,935 yuan a ton, zinc slid 1% to 22,520 yuan, lead was down 0.1% to 17,005 yuan, while nickel fell 0.8% to 124,690 yuan, and tin lost 0.6% to 260,570 yuan.

 Courtesy: www.tradingview.com