Shanghai base metals were mixed on Thursday as the market fretted about the outcome of Sino-US trade talks that would start later in Beijing. The world's two biggest economies have imposed import tariffs on each other's goods, including Chinese aluminium and US aluminium scrap, and threatened more action in a trade dispute that has roiled metals markets.
Shanghai aluminium, nickel and lead crept higher, but copper gave up early gains to trade slightly lower as the dollar hit a four-month high, making the metal more expensive for holders of other currencies, and zinc slipped. Tensions over the US-China talks hit Asian stock markets but "for the moment, it has not deterred buyers of metals that much," Kingdom Futures CEO Malcolm Freeman wrote in a note.
The most-traded June copper contract on the Shanghai Futures Exchange edged down 0.1 percent to 50,960 yuan ($8,007.42) a tonne by the mid-session interval. It closed lower in the previous three sessions. Shanghai aluminium touched its highest since April 23 on Thursday and was last up 0.7 percent.
A US trade delegation arrived in Beijing on Thursday for key talks over tariffs, with Chinese state media saying China will stand up to US bullying if needed but that it was still better to hash things out around the negotiating table.
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