The three-month aluminum contract on the London Metal Exchange rose 1.1% to $3,294/ton at 05:40 CEST.
On the Shanghai Futures Exchange, aluminum for April delivery rose 2% to trade at 22,115 yuan/t ($3,484) after hitting a one-week high.
Chinese Vice Premier Liu He warned state authorities to implement market-friendly policies and carefully implement risky measures that harm markets.
Meanwhile, the nickel contract was not traded during Asian trading, and it was reportedly scheduled to begin at 8:00 am London time.
LME increased the transaction limit for nickel transactions to 8%.
In the LME, copper rose 0.7% to $10,122/t, lead rose 0.5% to $2,263.5/tonne, zinc rose 0.8% to $3,838.5/t and tin fell 0.7% to $42,000/ton traded.
Iron ore futures in China gained two days in a row, gaining more than 5% on promises of additional stimulus to calm fears after Covid-19 cases resurfaced.
Iron ore for May delivery rose 5.6% to 817 yuan/t ($128.72) on the Dalian Commodity Exchange. The contract for April delivery on the Singapore Stock Exchange was up 0.3% to trade at $149.75/ton.
Analysts noted that Ukraine could make concessions while Russia offered neutrality, and noted that China received signals supporting financial markets and growth.
On the Shanghai Futures Exchange, rebar rose 1.9% and hot rolled coil rose 1.7% as of 06:30 ET. Stainless steel fell 1.1%.
Comments
No comment yet.