SINGAPORE — Most metals on the London Metals Exchange and Shanghai Futures Exchange were rangebound on Tuesday as caution prevailed after US President Donald Trump announced the Iran-Israel ceasefire.
LME three-month copper was up 0.04 percent at $9671.5 per metric ton and SHFE most-traded copper gained 0.09 percent to 78,400 yuan ($10,920.74).
In a post on his Truth Social site, Trump said a “complete and total” ceasefire between Israel and Iran would go into force with a view to ending the 12-day conflict.
“Traders and investors will probably wait and see what will really happen afterward as unpredictability has been very much the theme in the commodity market this year,” said a Shanghai-based metals analyst from a futures company.
The US dollar fell and oil tumbled to its lowest in more than a week as news of the ceasefire relieved worries of potential supply disruptions.
A softer dollar makes greenback-priced commodities cheaper for buyers holding other currencies.
LME aluminum fell 0.77 percent to $2,568.5 a ton. It had touched a three-month high on Monday on concerns that the conflict would push up energy prices and disrupt supplies. SHFE aluminium eased 0.37 percent to 20,345 yuan.
LME zinc lost 0.37 percent to $2,677 a ton, tin shed 0.13 percent to $32,650 and lead dipped 0.05 percent to $2,002. Nickel gained 0.21 percent to $14,835.
SHFE nickel slipped 0.58 percent to 117,280 yuan. Meanwhile, zinc added 0.68 percent to 22,080 yuan and lead rose 0.3 percent to 16,920 yuan.
