Warehouse stockpiles tracked by the LME jumped by 11% on Tuesday, the biggest increase since February.

China's rising coal consumption threatens to worsen a worldwide shortage as power producers in Europe and the United States also turn back to solid fuel in the face of soaring gas prices.

Officials in China said the third quarter of this year is crucial for rolling out stimulus measures and promised fresh policy actions.

Strong dollar and worries over economic growth overshadowed production cuts in Europe.

Uncertainty over gas flows to Europe and forecast stronger coal demand from the continent is continuing to propel prices of the fuel.

The Canadian gold and silver producer is offering Rio's subsidiary, Kennecott Exploration, a 60% stake in the Elder Creek copper project.

West Texas Intermediate crude advanced as much as 4.1% to beyond $90 a barrel, before paring some gains.

The most-traded January iron ore on China's Dalian Commodity Exchange ended daytime trade 4% higher.