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METALS-London metals rise as Trump's tariff pause eases trade war jitters
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METALS-London metals rise as Trump's tariff pause eases trade war jitters
Apr 10, 2025 1:04 AM

(Updates prices for Asia market close)

SHANGHAI, April 10 (Reuters) - Base metals in London

climbed on Thursday, supported by improved market sentiment

after U.S. President Donald Trump decided to temporarily pause

the recently imposed hefty duties on several countries.

The benchmark three-month copper on the London Metal

Exchange (LME) gained 3.5% to $8,919 per metric ton as of 0742

GMT.

LME copper has tumbled 12% since touching $10,164.50, its

highest point in more than nine months on March 26, before the

escalation of trade tensions.

The most-traded copper contract on the Shanghai Futures

Exchange (SHFE) rose 3.9% to 75,300 yuan ($10,254.66)per metric

ton, a rebound from an eight-month low hit on Wednesday.

On Wednesday, Trump announced a 90-day pause on many of his

new tariffs in a stunning reversal after a days-long market rout

that erased trillions of dollars from global stocks.

However, Trump further pressured China by raising tariffs on

the top metals consumer to 125%, up from the earlier 104%,

following Beijing's decision to hike duties on American imports

to 84%.

"Trump's sudden shift in tariff policy caught the market off

guard. Investors, initially pessimistic about economic

prospects, found renewed confidence with the reprieve," a trader

said.

"However, this boost may be fleeting given his unpredictable

stance."

SHFE aluminium rose 3.9% to 19,805 yuan a ton, zinc

added 2.9% to 22,705 yuan, lead gained 2.0% to

16,800 yuan, nickel climbed 2.3% at 121,600 yuan, while

tin fell 0.9% to 257,200 yuan.

Among other metals, LME aluminium added 2.7% to

$2,378 a ton, lead rose 3.2% to $1,901, tin

gained 6.3% to $31,710, zinc CMZN3 up 2.8% to $2,629 and nickel

was up 4.5% at $14,720 a ton.

($1 = 7.3430 Chinese yuan renminbi)

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