There's no way I know of to directly remove an iCloud track without affecting the local library.
What you can do is create a second Apple Music library (on either the same computer or a different one) by holding down the Option key when double clicking on the app icon and follow the instructions). Once it's created and connected to the iCloud instance, select all the listed files and choose "Remove from Library". Your regular library will then be updated next time you access it with all those files being set to have an iCloud status of "Removed", but will remain playable and all relevant metadata will be intact. To get those local files from your library back into iCloud, just select them and choose "Add to Library" from the right mouse button menu.
If you don't want to do that and just work within the original library, the easiest way I can think of is to create a Smart Playlist with a rule of "LOCATION is ICLOUD", select all the files that appear, right click to bring up the menu and select "DELETE FROM LIBRARY". This will remove the iCloud copy without affecting your local file but you will lose local metadata such as Last Played, Number of Plays and so forth. You can then drag the original files back over to repopulate the library.
Do *not* select "REMOVE DOWNLOAD" as that will delete your local copy if they're linked.