Most base metals rose on Tuesday, buoyed by improved risk sentiment as top consumer China weighed measures to increase funding and stabilize its stock market.
Three-month copper on the London Metal Exchange rose 0.3 percent to $8,368.50 per metric ton, while the most-traded March copper contract on the Shanghai Futures Exchange fell 0.1 percent to 67,950 yuan ($9,463.00) a ton.
Chinese authorities are considering a package of measures to stabilize the slumping stock market, seeking to mobilize about 2 trillion yuan, Bloomberg News reported, citing people familiar with the matter.
Meanwhile, China’s cabinet on Monday pledged to take more effective measures to stabilize market confidence, including stepping step up medium- and long-term fund injections in the capital market.
LME aluminum rose 0.3 percent to $2,166 a ton, nickel advanced 0.9 percent to $16,150, zinc climbed 0.8 percent to $2,475, lead edged up 0.2 percent at $2,128.50, and tin jumped 1.1 percent to $25,900.
SHFE nickel rose 1 percent to 128,090 yuan, zinc edged up 0.1 percent at 20,775 yuan, lead advanced 0.6 percent to 16,580 yuan, tin climbed 1.4 percent to 216,810 yuan, while aluminum dipped 0.2 percent to 18,665 yuan a ton.
