(Updates prices to Asian market close, updates headline and
paragraph 1, adds comments and details)
By Hongmei Li
SINGAPORE, July 23 (Reuters) - Prices of most traded
metals on the Shanghai Futures Exchange eased on Wednesday, as
initial euphoria over Beijing's recent pledge to stabilize
industrial growth faded and traders kept a close watch on
developments in China-U.S. trade talks.
SHFE aluminium was down 0.34% at 20,790
yuan($2,902.37) per ton, as of 0725 GMT, lead eased
0.5% to 16,810 yuan, nickel edged 0.1% lower to 123,220
yuan, and copper receded 0.08% to 79,590 yuan.
Zinc climbed 0.5% to 22,975 yuan, hovering at its
highest point since April 1, and tin advanced 0.42% to
268,540 yuan.
"Beijing's comments about stabilizing the industrial growth
last Friday have been encouraging, though the support is more on
sentiment, which has been fully reflected in the price
strengthening in the past couple of days," said a Beijing-based
metals analyst from a futures company.
Meanwhile, participants in Chinese metals markets closely
monitored progress in U.S.-China trade discussions.
U.S. and Chinese officials will meet in Stockholm next week
to discuss extending the deadline for trade deal negotiations,
U.S. Treasury Secretary Scott Bessent said on Tuesday. The
original deadline was August 12.
Lifting global sentiment, U.S. President Donald Trump said
on Tuesday Washington and Japan had struck a trade deal that
includes a lower 15% tariff that will be levied on U.S. imports
from the country, including autos.
"Japan's 15% tariff has been better than expected and the
best deal so far, which may shed some light on U.S.-China talks
too, wondering what will be discussed when Trump visits China,"
the analyst added.
Trump said that he may visit China soon for a landmark trip
to address simmering trade and security tensions between both
the superpower economies.
Aluminium fell the most among the metals on the
London Metal Exchange, down 0.85% at $2,636 a ton, tin
dropped 0.44% to $33,760, copper went down 0.42% to
$9,877.5, zinc eased 0.35% to $2,850, and nickel
was flat at $15,525, while lead gained 0.17% to
$2,014.5.
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($1 = 7.1631 Chinese yuan)