Nickel was the biggest mover, rising 2.9% to a two-week high of $19,589.50 per tonne. Aluminium was up 2.4% to $2739/t, the highest price since 2008. Copper rose 1.1% to $9528.25/t, a price not seen since August 13.
Oil was slightly lower, and uranium was up 2.7% to $34.60 per pound. Gold remained steady at $1817.20 an ounce.
"One of the key messages from US Federal Reserve chairman Jerome Powell's speech on August 27 was the delineation drawn between the tapering of asset purchases and the eventual lift-off for the Fed Funds rate," UBS said.
"The separate decisions rest on different criteria and, according to UBS' house view, will be temporally separated by years.
"We expect the 'Taper' announcement in December (with risk of November) but the decision to raise the Fed Funds rate to come after 2023."