COPPER prices have settled lower on the London Metal Exchange (LME), as China's plans for economic reform met with an unenthusiastic reception from traders. At the PM kerb close on Tuesday, LME three-month copper was down 0.7 per cent at $US7,120 a metric ton. Aluminium was down 0.5 per cent at $US1,800 a ton. China's Communist Party on Tuesday concluded a key meeting of senior officials aimed at mapping out economic policies for the next decade. According to state media, Chinese leaders pledged to enact fiscal and land reforms, relax investment controls and let the market play a "decisive" role in allocating resources, state media said on Tuesday following a four-day Communist Party policy meeting. Base metal traders took little cheer from China's planned reforms, amid concern they may not have a significant impact on demand for industrial metals. China is the world's top consumer of base metals like copper, which is used widely in construction and manufacturing. "The terminology used is a big step on from previous speeches in which markets were said to play a basic role in the economy, though the date for results on these reforms to be felt is targeted for 2020," said Standard Bank analyst Leon Westgate. Base metal trading turnover remained "rather disappointing" Tuesday, he added, with most metals "grinding lower amid a lack of direction or indeed interest." Base metals were also trading cautiously ahead of a speeches by two US Open Market Committee members later in the global day, said IG analyst Brenda Kelly. The presidents of the Federal Reserve Banks of Minneapolis and Atlanta were both due to speak Tuesday (US time). "As usual, market participants are steeling themselves for any signals that quantitative easing tapering may happen sooner rather than later," said Kelly. The Fed's efforts to boost growth have helped prop up demand for base metals in recent years.