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SINGAPORE, July 30 (Reuters) - Industrial metals rallied on Tuesday amid market expectations of a U.S. rate cut and as U.S. and Chinese officials meet in Shanghai to discuss their year-long trade dispute.
The U.S. Federal Reserve is expected to lower interest rates by 25 basis points, cutting for the first time in a decade and potentially weakening the U.S. dollar, making greenback-priced metals cheaper for holders of other currencies.
Meanwhile, U.S. and Chinese officials are due to meet on Tuesday in Shanghai for talks on a year-long trade dispute that has weighed on global economic growth and demand for industrial metals.
Three-month copper on the London Metal Exchange was up 0.1% at $6,025.50 a tonne by 0338 GMT, while aluminum edged up 0.1%, nickel rose 0.5%, zinc advanced 0.4% and lead increased 0.7%.
The most-traded copper contract on the Shanghai Futures Exchange rose 0.9% to 47,310 yuan ($6,869.96) a tonne, aluminum edged up 0.4%, nickel jumped 2.6% and zinc advanced 1.7%.
"Market still have some hope from this trade talk...even though we know not much can be achieved in one meeting. Then there's a hope for a Fed's rate cut," said analyst Helen Lau of Argonaut Securities.
* TRADE TALKS: Expectations for progress at the U.S.-China trade meeting are low, so officials and businesses are hoping Washington and Beijing can at least detail commitments for "goodwill" gestures and clear the path for future negotiations.
* JAPAN: Japan's exports of zinc in June fell 8.2% from a year earlier to 5,198 tonnes while refined copper exports dipped 3.8% during the same period to 55,469 tonnes.
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Three month LME copper
Most active ShFE copper
Three month LME aluminum
Most active ShFE aluminum
Three month LME zinc
Most active ShFE zinc
Three month LME lead
Most active ShFE lead
Three month LME nickel
Most active ShFE nickel
Three month LME tin
Most active ShFE tin
ARBS ($1 = 6.8865 Chinese yuan renminbi) (Reporting by Mai Nguyen; editing by Richard Pullin and Rashmi Aich)