Copper prices rose on Tuesday as risk sentiment improved on positive developments from a meeting between US President Joe Biden and his Chinese counterpart Xi Jinping.
Three-month copper on the London Metal Exchange rose 0.5% to $9,724 a tonne by 0326 GMT, while the most-traded December copper contract on the Shanghai Futures Exchange edged up 0.2% to 71,050 yuan ($11,157.35) a tonne.
Biden and Xi stressed their responsibility to the rest of the world to avoid conflict. Xi called Biden an "old friend" and said the two sides must increase communication and cooperation.
China's yuan hit a more than five-month high against the dollar, as investors embraced positive developments from the presidential talks.
FUNDAMENTALS
The premium of LME cash copper over the three-month contract fell to $32.50 a tonne, the lowest level since Oct. 8, indicating that the tightness in nearby supplies has eased.
ShFE nickel fell 1.7% to 144,060 yuan a tonne, zinc declined 1.4% to 22,855 yuan a tonne, aluminium shed 1.4% to 19,185 yuan a tonne and lead decreased 0.9% to 15,255 yuan a tonne.
LME aluminium eased 0.2% to $2,653 a tonne, while nickel rose 0.4% to $19,670 a tonne and zinc increased to $3,230.50 a tonne.
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