METALS-Shanghai copper rises on Trump-Xi meeting confirmation, China plenum boost

SHANGHAI, Oct 24 (Reuters) - Shanghai copper rose on Friday after the White House confirmed a meeting between U.S. President Donald Trump and his Chinese counterpart Xi Jinping, and China's high-stakes plenum vowed to boost consumption and technological innovation.

The most-traded copper contract on Shanghai Futures Exchange SCFcv1 was up 0.93% to trade at 86,380 yuan ($12,126.91) per metric ton, as of 0250 GMT, set to gain 2.02% for the week.

The benchmark three-month copper CMCU3 on the London Metal Exchange was set for a 1.88% weekly gain, though it was down 0.47% at $10,804 a ton in morning trade.

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.

Meanwhile, 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.

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

Elsewhere among SHFE base metals, aluminium SAFcv1 ticked up 0.14%, zinc SZNcv1 added 0.34%, lead SPBcv1 rose 0.52%, nickel SNIcv1 increased 0.41%, and tin SSNcv1 was up 0.61%.

Among other LME metals, aluminium CMAL3 was down 0.54%, zinc CMZN3 dipped 0.36%, nickel CMNI3 lost 0.61%, tin CMSN3 declined 0.65%, while lead CMPB3 was little changed.

($1 = 7.1230 Chinese yuan renminbi)

Friday, October 24

DATA/EVENTS (GMT)

0500 Japan Leading Indicator Revised Aug

0600 UK Retail Sales MM, YY Sep

0600 UK Retail Sales Ex-Fuel MM Sep

0715 France HCOB Mfg Flash PMI Oct

0715 France HCOB Services Flash PMI Oct

0715 France HCOB Composite Flash PMI Oct

0730 Germany HCOB Mfg Flash PMI Oct

0730 Germany HCOB Services Flash PMI Oct

0730 Germany HCOB Composite Flash PMI Oct

0800 EU HCOB Mfg Flash PMI Oct

0800 EU HCOB Services Flash PMI Oct

0800 EU HCOB Composite Flash PMI Oct

0830 UK Flash Composite PMI Oct

0830 UK Flash Manufacturing PMI Oct

0830 UK Flash Services PMI Oct

1230 US CPI, Core CPI MM, SA Sep

1230 US CPI, Core CPI YY, NSA Sep

1230 US CPI Wage Earner Sep

1345 US S&P Global Mfg PMI Flash Oct

1345 US S&P Global Svcs PMI Flash Oct

1345 US S&P Global Comp PMI Flash Oct

1400 US U Mich Sentiment Final Oct