SHANGHAI — Base metal prices in London were mixed on Wednesday, as investor caution persisted despite a pause in the US-China trade conflict that has weighed on the global economy and financial markets.
Benchmark copper on the London Metal Exchange (LME) was at $9,582 a metric ton, down 0.2 percent from Tuesday’s close and 0.3 percent lower than Tuesday’s session-high of $9,614, also the highest since April 3.
US President Donald Trump said on Tuesday that he could see himself dealing directly with Chinese President Xi Jinping to finalize the details of a trade agreement.
The two countries had agreed to reduce reciprocal tariffs and implement a 90-day suspension of actions, while Washington said it would cut the “de minimis” tariff for low-value shipments from China to as low as 30 percent.
“The uncertainty surrounding trade tariffs persists, and as we await further updates, it is important to note that the truce is merely a transitional period, leaving the situation three months from now unclear,” a trader said.
Among other London metals, aluminum rose 0.8 percent to $2,509 a ton, zinc added 0.4 percent to $2,716, lead lost 0.3 percent to $1,983 and nickel edged 0.1 percent higher to $15,755. Tin lost 0.2 percent to $32,645.
