Copper hits 12-week high as stocks outside US tighten

On the supply side, Chile's Codelco paused one of the expansion projects at its flagship El Teniente mine a year after a deadly collapse, saying recent studies show greater seismic risk.

"We remain constructive on the copper market given the physical and longer-dated tightening, the supply disappointments, and the uncertainty around tariffs," analysts at RBC Capital Markets said.

Supporting copper and other growth-dependent metals was improved risk sentiment after U.S. President Donald Trump said his administration had "very good discussions" with Iran on Tuesday, fuelling expectations of an end to the five-month war.

Among other LME metals, zinc CMZN3 rose 1.0% to $3,711 a ton after hitting $3,728, a four-year high. With LME available zinc stocks at 73,825 tons, the lowest level since December, short-term LME zinc contracts were trading at a premium over contracts with longer maturities. CMZN0-3

LME aluminium CMAL3 added 0.3% to $3,231, lead CMPB3 fell 0.2% to $1,892.50, and nickel CMNI3 lost 0.4% to $17,110. Tin CMSN3 gained 1.2% to $56,625 after hitting a two-month high of $56,750.