The People’s Bank of China injected 700 billion yuan into the market through seven-day reverse repos at an interest rate of 2.4%, and conducted 200 billion yuan of 14-day reverse repos at an interest rate of 2.55%.
The commodity market was underpinned by the latest Chinese government stimulus.
Nickel led the gain on Tuesday morning, with its most-traded April contract ending the session 1.66% higher, at 106,180 yuan ($15,219) per tonne, in comparison with Monday’s close of 104,450 yuan per tonne.
This was followed by June tin, March aluminium and April copper, each rising 0.87%, 0.58% and 0.42% respectively to 135,080 yuan per tonne, 13,795 yuan per tonne and 45,750 yuan per tonne.
March lead edged up by 0.25% to 14,045 yuan per tonne, while April zinc, the lone metal in negative territory this morning, ended the session 0.17% lower, at 17,125 yuan per tonne.
Other highlights
- The dollar index, which gauges the strength of the US dollar against a basket of foreign currencies, was down by 0.001% at 12.20pm Shanghai time, at 98.86.
- The Shanghai Composite Index was up by 0.33% at 2,900.14 as at 11.30am Shanghai time.
- China’s consumer price index rose by 5.4% year on year for January, higher than an expected 4.9% increase, data released on Monday showed.
- In the EU, Italian industrial production fell by 2.7% on a month-on-month basis in January.
- On Tuesday, United States job opening data and the United Kingdom’s gross domestic product for December are due to be published.
- Federal Reserve chairman Jerome Powell is scheduled to testify on the semi-annual Monetary Policy Report before the House Financial Services Committee, in Washington DC.
- European Central Bank president Christine Lagarde is due to speak at the European Parliament on Tuesday.
