U.S. President Donald Trump said on Thursday that the United States and China were close to a trade deal during a meeting with Chinese Vice Premier Liu He. However, some details need to be worked out before a final agreement is reached, including the United States' reluctance to remove $250 billion in tariffs on Chinese goods.
China is the world's biggest refined copper producer and the United States is the fourth-largest.
Copper traded on the London Metal Exchange (LME) fell 0.1 percent to $6,447 a tonne by 0701 GMT, on track for a weekly loss of 0.6 percent, as copper stockpiles in LME-approved warehouses surged and inventories at warehouses tied to the Shanghai Futures Exchange (ShFE) remained near a nine-month high. <CU-STX-SGH> <MCUSTX-TOTAL>
Copper inventories in LME-registered warehouses leaped by 30,375 tonnes to 198,325 tonnes as of Wednesday, the highest in six months and nearly double the level three weeks ago, the latest data showed.
"Copper prices were under pressure after another rise in inventories," said ANZ in a note.
FUNDAMENTALS
* LONDON PRICES: Three-month aluminium rose 1 percent, nickel was up 0.5 percent and zinc increased 0.8 percent. Volume was low as China is closed for a public holiday.
* NORSK HYDRO: A Brazilian federal court has scheduled an April 12 hearing on the year-long production embargo at Norsk Hydro's Alunorte alumina refinery in Brazil, the Norwegian company said.
* LAS BAMBAS: A Peruvian judge on Wednesday ordered jail time for lawyers representing indigenous villagers who have blockaded shipments from the Las Bambas copper mine operated by Chinese miner MMG Ltd.
* GRASBERG: In Indonesia, a mudslide at Freeport-McMoran's Grasberg mine, the world's second-largest copper mine, injured two workers while two others were missing on Wednesday.
* CHINA HOLIDAY: The Shanghai Futures Exchange is closed on Friday for the Tomb Sweeping Day holiday and will reopen on Monday.