Copper prices rose Tuesday on renewed hope that governments will take action to promote global economic growth.
Copper rose 5.15 cents to end at $3.4405 per pound. Other industrial metals and oil prices also rose.
China is scheduled to release economic reports later this week. Traders are expecting the country's leaders to step in again with additional measures to aid the economy if the statistics prove weak.
They also are anticipating some type of action from the European Central Bank and the Federal Reserve.
Neither central bank took immediate steps to promote economic growth earlier this month. But ECB policymakers are working on a detailed plan to help the region's economy. And the Federal Reserve has pledged additional help as needed to promote economic growth.
"The markets are still waiting for further news," Dave Meger, vice president of metals trading at Vision Financial Markets, said.
Many investors consider copper to be a reliable barometer for how healthy the global economy is because it has so many uses, from construction to manufacturing. Demand tends to increase when those industries are stronger.
Copper and other industrial metals also were supported by gains in U.S. stocks.
Silver for September delivery rose 22.3 cents to end at $28.086 per ounce, October platinum gained $8.50 to $1,410.40 per ounce and September palladium ended up $8.65 at $588.20 per ounce. December gold fell $3.40 to finish at $1,612.80 per ounce.
Benchmark oil rose $1.47 to end at $93.67 per barrel in New York. Heating oil increased 5.71 cents to $2.998 per gallon, wholesale gasoline was up 6.91 cents to $2.9913 per gallon and natural gas gained 5.6 cents to $2.964 per 1,000 cubic feet.
Soybeans for November delivery fell 18.5 cents to end at $15.6575 per bushel, December corn dropped 4.5 cents to $8.005 per bushel and December wheat ended down 3.5 cents at $9.0275 per bushel.