Copper prices rose on Friday as investor fears eased over a banking crisis triggered by the collapse of Silicon Valley Bank and liquidity from Credit Suisse boosted sentiment.
Copper for May delivery hit $3.95 a pound ($8,690 a tonne) on Comex in New York, up 2.3% from Thursday's close.
Investors welcomed news that banks had injected capital into First Republic Bank and that the Swiss National Bank had thrown a lifeline to Credit Suisse.
The dollar fell, making it more attractive for non-dollar holders to buy dollar-denominated commodities.
Europe's metals industry welcomed Thursday's EU move to label copper and nickel as strategic materials for the first time and ensure faster licensing and easier access to capital, but said more needed to be done to safeguard supply.
The Critical Raw Materials Act, published by the European Union, adds the two major industrial metals to a list that previously focused on niche minerals such as cobalt, lithium and rare earths.
The European Union already produces about 15% of its copper needs, well above the bloc's overall target of 10% for strategic minerals, but the situation could worsen, according to the chief executive of Aurubis, Europe's largest refined copper producer.
