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Chinese shares slumped as the education and property sectors were defeated on worries over heavy-handed government regulations, making commodities like metals an attractive alternative investment.
Floods in central China, especially in the industrial and transport hub city of Zhengzhou, have raised supply concerns and demand for rebuilding damaged infrastructure, which will consume industrial metals.
FUNDAMENTALS ShFE nickel hit a five-month high at 146,870 yuan a tonne, tin climbed 1.4% to 233,710 yuan a tonne and aluminum reached its highest since May 19 of 19,750 yuan a tonne. LME nickel touched its highest since Feb. 25 at $19,645 a tonne, and aluminum rose 0.3% to $2,511 a tonne while tin fell 0.5% to $34,330 a tonne.
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Copper prices decline on U S rate hike fears | Hellenic Shipping News Worldwide
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HANOI Copper prices, often used as a gauge of global economic health, rose on Friday and were set for their seventh straight weekly gain on hopes that U.S. lawmakers would soon pass a new round of COVID-19 aid.
Three-month copper on the London Metal Exchange rose 0.9% to $7,988 a tonne by 0223 GMT and was up 0.9% for the week.
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The most-traded January copper contract on the Shanghai Futures Exchange advanced 1.6% to 59,170 yuan ($9,048.78) a tonne, on course for a weekly gain of 1.6%.