(MENAFN- Yolo Wire) The price of copper is near a record high on reports that the U.S. and China have reached the framework of a trade deal.

News of a trade truce between the U.S. and China comes ahead of a planned meeting between U.S. President Donald Trump and Chinese President Xi Jinping in coming days.

Copper's price on the London Metal Exchange is up 1% at $10,962 U.S. per metric ton on Oct. 27, hovering just below its all-time high of $11,104.50 U.S. set in May 2024.

The current rise in copper's price comes amid optimism about a potential trade deal between Washington, D.C. and Beijing.

That optimism has eased fears of ongoing trade volatility, something that was seen as a risk to the global economy and demand for the red-coloured industrial metal.

Copper is also gaining on expectations that the U.S. Federal Reserve will lower interest rates a further 25 basis points at its next meeting on Oct. 29.

Weaker-than-expected U.S. inflation data for the month of September has also eased investor concerns and sent prices for stocks, cryptocurrencies, and many commodities higher.

The price of copper has now gained 30% this year and is among the world's top-performing metals.

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