Copper prices edged higher on Wednesday ​on hopes that ⁠the Iran war was nearing an end and after top producer ‌Chile cut its production outlook.

Benchmark three-month copper on the London Metal Exchange was up 0.4% ​to $13,470 a metric ton by 0935 GMT after touching its weakest since May 8 at $13,350.

LME ​copper has ​slipped from its highest in more than three months at $14,196.50 a week ago, driven down by profit-taking, a strong dollar and worries over ⁠demand in top metals consumer China.

"The small gains we're seeing today are primarily a reaction to the wider market, where we're seeing some risk-on coming back in, led by softer oil prices and softer bond yields," said Ole Hansen, ​head of ‌commodity strategy at ⁠Saxo Bank in ⁠Copenhagen. Oil prices lost about 1% on Wednesday after two Chinese oil tankers left the ​Strait of Hormuz and President Donald Trump said the ‌Iran war will end "very quickly". Copper was also supported ⁠by news that Chile, the world's biggest producer of the metal, cut its production forecast, saying it would fall 2% this year. In February, Chile said that output would grow by 3.7% in 2026.

LME nickel lost 0.3% to $18,745 a ton as investors sought clarity on plans by top producer Indonesia to bring exports of key commodities under centralised state control. Indonesian President Prabowo Subianto said his government would issue a regulation to strengthen control over ‌commodity exports.

Nickel had gained in London on Tuesday, lifted ⁠by supply concerns that carried over into Chinese trading ​on Wednesday. The most-traded nickel contract on the Shanghai Futures Exchange rose 1.9% to close at 145,390 yuan ($21,368.31) a ton.

Among other metals, LME aluminium dipped 0.3% ​to $3,593 a ton, ‌zinc added 0.5% to $3,530.50, lead was little changed at $1,963 ⁠and tin climbed 3.4% to $53,375.

($1 = ​6.8040 Chinese yuan renminbi)

(Reporting by Eric Onstad Editing by David Goodman )