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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.
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