By Ira Iosebashvili 

Copper prices rose Tuesday, boosted by hopes of progress in trade relations between the U.S. and China and a rally in crude oil.

Copper for March delivery was recently up 1.7% at $2.7665 a pound on the Comex division of the New York Mercantile Exchange.

China agreed to reduce tariffs on U.S. autos to 15%, from 40% currently, during a phone call with U.S. officials that opened the latest round of trade talks aimed at settling a trade dispute festering between the world's two largest economic powers, The Wall Street Journal reported.

Worries over an intensifying trade fight between China and the U.S. have weighed on copper prices this year. China is the world's top copper consumer, accounting for some 45% of global demand.

Meanwhile, prices for Brent crude, the global benchmark, were recently up 1.3%. Swings in oil tend to sway copper because many investors trade the two commodities as part of a single basket, with a greater share devoted to oil.

In precious metals, gold for February delivery was recently unchanged at $1,249.20 a troy ounce.

(END) Dow Jones Newswires

December 11, 2018 13:28 ET (18:28 GMT)