Copper prices have hit a 10-month peak, mining analysts at UBS flagged on Wednesday.
The metal hit US$4.58 per pound, up 1.8%, which UBS suggested was supported by "tailwinds" of renewed speculation around President Donald Trump's tariffs.
Elsewhere in metals, gold rose 0.3% to US$3,053 per ounce. The analysts noted the gain was driven by safe haven demand ahead of possible tariff developments next week.
Iron ore declined 0.6% to US$103 per dry metric tonne. UBS attributed the fall to ongoing steel production cuts.
Elsewhere, the analysts noted that Glencore PLC (LSE:GLEN) plans to reduce output at its Cerrejon coal operation by between five million and ten million tonnes due to what it called “unsustainable” thermal coal prices. Thermal coal (NEWC) slipped 0.5% to US$96 per tonne.
The European Union has tightened its steel import restrictions, the analysts noted.