Updates prices after Asia markets close

NEW DELHI, May 20 (Reuters) - Copper prices in London were trading slightly lower on Tuesday as the initial euphoria over the 90-day tariff truce between the U.S. and China, the top consumer of the metal, began to fade.

Benchmark copper CMCU3 on the London Metal Exchange $(LME.AU)$ was down 0.7% at $9,461 a metric ton, as of 0707 GMT.

The U.S. and China have agreed to reduce tit-for-tat tariffs and implement a 90-day pause on actions, while Washington said it would cut the "de minimis" tariff for low-value shipments from China to 30%.

"Analysts project near-term price support at $9,150/ton, with potential spikes to $10,000/ton if inventory levels breach the 100,000-ton threshold, though risks persist from U.S.-China tariff implementations and smelter profitability crises amid negative treatment charges," consultancy BigMint said.

Chinese buyers are scrambling to import copper scrap from the U.S. following the pause on reciprocal tariffs, ANZ Research said.

"Traders are also wary of trade dislocations amid the U.S.-China trade war," they said.

Separately, the Shanghai Futures Exchange (ShFE) is considering opening its domestic nickel futures contract to foreign investors this year, instead of launching a separate contract on its International Energy Exchange (INE), Reuters has reported.

Among other London metals, aluminium CMAL3 fell 0.7% to $2,432 a ton, zinc CMZN3 was down 0.3% at $2,667.5, lead CMPB3 gained 0.3% to $1,967.5 and nickel CMNI3 shed 1.01% to $15,405. Tin CMSN3 eased 0.01% to $32,895.

The most-traded copper contract on the Shanghai Futures Exchange (SHFE) eased 0.3% to 77,540 yuan ($10,736.94) per ton.

SHFE aluminium SAFcv1 was down 0.5% to 20,075 yuan a ton, zinc SZNcv1 dropped 0.1% to 22,435 yuan, lead SPBcv1 dipped 0.3% to 16,845 yuan, nickel SNIcv1 fell 0.8% to 122,870 yuan, and tin SSNcv1 gained 0.3% to 264,760 yuan.

($1 = 7.2218 yuan)

(Reporting by Neha Arora; Editing by Janane Venkatraman)

((neha.dasgupta@thomsonreuters.com;))

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