METALS-Copper prices inch up; caution prevails after Iran-Israel truce announcement

(Update prices to the Asian market close, and update headline and lead paragraph accordingly.)

By Hongmei Li

SINGAPORE, June 24 (Reuters) -

Copper prices on the London Metals Exchange and Shanghai Futures Exchange inched up on Tuesday as caution prevailed after U.S. President Donald Trump announced the Iran-Israel ceasefire.

LME three-month copper was up 0.52% at $9,717.5 per metric ton as of 0703 GMT and SHFE most-traded copper gained 0.4% to 78,640 yuan ($10,956.77).

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 U.S. 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 aluminium fell 0.6% to $2,573 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 0.51% to 20,315 yuan.

LME Nickel gained 0.48% to $14,875 a ton, lead grew 0.37% to $2,010.5, and zinc inched up 0.07% to $2,689, while tin eased 0.06% to $32,675.

SHFE nickel slipped 0.44% to 117,450 yuan. Meanwhile, zinc added 0.73% to 22,090 yuan, lead rose 0.5% to 16,955 yuan, and tin gained 0.3% to 263,800 yuan.

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DATA/EVENTS (GMT) 0800 Germany Ifo Business Climate, Curr Conditions, Expectations New Jun 1400 US Consumer Confidence Jun ($1 = 7.1773 Chinese yuan) (Reporting by Hongmei Li; Editing by Sumana Nandy and Vijay Kishore)