Shanghai copper spiked on Friday after the White House confirmed a meeting between U.S. President Donald Trump and his Chinese counterpart Xi Jinping, and as China’s high-stakes plenum vowed to boost consumption and technological innovation.

The most-traded copper contract on Shanghai Futures Exchange surged 2.50% to 87,720 yuan ($12,315.04) per metric ton at the close of daytime trade, ending the week up by 2.59%.

The benchmark three-month copper on the London Metal Exchange was up 0.67% to $10,927 a ton as of 0733 GMT, set to end the week up by 3.04%.

China’s Communist Party concluded its Fourth Plenum on Thursday, vowing to focus on technological innovation and bolster consumption. The communique that outlined China’s priorities for the next five years was in line with market expectations.

China will increase the percentage of household consumption of gross domestic product significantly over the next five years, officials told reporters at a news conference addressing the outcome of the plenum said on Friday.

A detailed five-year plan will be released in March.

Meanwhile, White House press secretary Karoline Leavitt confirmed the Trump-Xi meeting for next Thursday in South Korea as part of the U.S. President’s trip to Asia. Trump expressed optimism about a trade deal with China later, saying “everyone’s going to be very happy”.

The meeting was once called into question after Trump threatened to cancel it following China’s expansion of export curbs on rare earth minerals earlier this month.

Elsewhere among SHFE base metals, aluminium gained 0.45%, zinc added 0.77%, lead rose 0.94%, nickel increased 0.81%, and tin was up 1.19%.

Among other LME metals, aluminium gained 0.42%, zinc was up 0.56%, lead added 0.42%, tin ticked up 0.30%, and nickel posted sole drop at 0.25%.
Source: Reuters