(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)