(Updates prices for Asia market close)
SHANGHAI, April 11 (Reuters) - Base metals in London
were mostly up on Friday and copper was headed for a weekly
rise, boosted by U.S. President Donald Trump's intention of a
potential agreement with China and the decision to temporarily
lower tariffs for numerous countries.
The benchmark three-month copper on the London Metal
Exchange (LME) was up 0.7% at $9,050 per metric ton, as of 0703
GMT. It has gained 3% from last Friday's closing.
Trump said that he would love to get a deal with China to
end an escalating trade war during a Cabinet meeting opened to
press on Thursday, after he announced a 90-day pause on tariffs
for most countries in a stunning U-turn on Wednesday.
The U.S. president ratcheted up duties on Chinese imports to
an effective 145% rate on Thursday, further escalating a
high-stakes confrontation between the world's two largest
economies.
Meanwhile, Chinese President Xi Jinping will embark on a
three-nation Southeast Asia tour next week to reinforce
relations with other countries who also lie in the shadow of
Washington's damaging trade levies.
"Market uncertainty persists, largely driven by the
unpredictable nature of trade policies and tariffs. As a result,
investors remain cautious, with ongoing concerns about the
potential for a recession due to the ongoing trade tensions," a
base metals trader said.
The most-traded copper contract on the Shanghai Futures
Exchange (SHFE) rose 1.8% to 75,230 yuan ($10,273.95) per metric
ton. It has lost 5% from Thursday's close of 79,190 yuan per
ton. SHFE was closed on April 4 for a holiday.
SHFE aluminium added 0.4% to 19,695 yuan a ton,
zinc added 1.3% to 22,660 yuan, lead gained
1.1% to 16,825 yuan, nickel was up 2% at 121,300 yuan,
tin advanced 3.6% to 257,450 yuan.
LME aluminium gained 0.4% to $2,378 a ton, lead
lost 0.1% to $1,890, tin was up 1% at $30,975,
zinc CMZN3 rose 0.3% to $2,649 and nickel rose 1.0% to
$14,940 a ton.
($1 = 7.3224 Chinese yuan)