Asian stocks rise; metals fly on manufacturing bets
metals prices extended their gains on Tuesday with expectations of a worldwide manufacturing rebound, while Asian shares crept up a little more cautiously ahead of this week's U.S. inflation data and a crucial European Central Bank meeting.
MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.2%. Japan's Nikkei rose 0.6%.
Shanghai copper futures were up 1% at a two-year high and have gained more than 10% in a month. Zinc made a five-month high in Shanghai, where Aluminium made a 22-month peak on Monday.
Even iron ore, battered by China's property downturn, steadied above $100 a tonne in Singapore.
«It's pretty much a China bet,» said Vishnu Varathan, head of economics at Mizuho Bank in Singapore.
«It's coincided with a global manufacturing bottoming, and I think that plays well into China's industrial recovery. That aspect of it is a broader-based story for metals.»
On Monday, data showed German industrial production rising more than expected in February.
Last week, data showed U.S. manufacturing growing for the first time in one-and-a-half years. China's manufacturing activity expanded for the first time in six months in March.
Precious metals have been soaring, too, with gold hovering just below a record high of $2,353 hit on Monday. Spot gold has risen nearly 14% this year.
Silver hit its highest since mid-2021 on Monday and platinum has also shot higher. Brent crude is below recent peaks but clinging above $90 a barrel at $90.62.
Chinese stocks have not joined the party, though Hong Kong's
