LONDON, Jan. 18 (Reuters) – London Metal Exchange (LME) copper, nickel and zinc prices hit several weeks high on Friday amid signs that trade disputes between the United States and China may be easing, triggering a rise in basic metal prices.

The Wall Street Journal reported Thursday, citing people familiar with internal discussions, that U.S. Treasury Secretary Nouchin discussed the partial or total elimination of tariffs imposed on Chinese imports to the United States during the trade negotiations scheduled for January 30.

But the U.S. Treasury later denied the discussion, but the report still boosted global markets, including metals.

“Macroscopic news is driving copper prices up. The basic face of price trends does not provide any meaningful impact, “said Vivienne Lloyd, an analyst at Macquarie.” Market supply is not very tight, it will not push up prices, and there is no oversupply.

“Before being driven by a major macro factor, copper prices will remain range-bound, and we tend to move up.”

LME copper closed up 1% at $6,052 a tonne after hitting a peak of $6,071 since December 28. Copper futures posted its biggest one-week gain in nine weeks.

Zinc futures closed up 1.3% at $2,580, after hitting a peak of $2,595 since December 13. This week rose 3.6%, the biggest increase since the week ended September 28.

“Domestic and foreign zinc ingot inventory growth is lower than expected, which supports prices,” China’s brokerage Xingye Futures said in a report.

Major stock indices around the world are rising, and US stock markets are expected to rise for the fourth consecutive week, boosted by optimism that the Sino-US trade conflict may end.

Nickel rose 2% to close at $11,820 a tonne, the highest level since November 7.

Futures aluminium closed up 0.7% at $1,870.

Lead climbed 1.8% to $1,998.

Futures Tin closed without a deal. The final offer was $20,600, up 0.1%.