Jan 23 (Reuters) - Most base metals rose on Tuesday, buoyed by improved risk sentiment as top consumer China weighed measures to increase funding and stabilise its stock market.
Three-month copper on the London Metal Exchange rose 0.3% to $8,368.50 per metric ton by 0230 GMT, while the most-traded March copper contract on the Shanghai Futures Exchange fell 0.1% to 67,950 yuan ($9,463.00) a ton.
Chinese authorities are considering a package of measures to stabilise the slumping stock market, seeking to mobilise 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 stabilise market confidence, including stepping step up medium- and long-term fund injections in the capital market.
LME aluminium rose 0.3% to $2,166 a ton, nickel advanced 0.9% to $16,150, zinc climbed 0.8% to $2,475, lead edged up 0.2% at $2,128.50, and tin jumped 1.1% to $25,900.
SHFE nickel rose 1% to 128,090 yuan, zinc edged up 0.1% at 20,775 yuan, lead advanced 0.6% to 16,580 yuan, tin climbed 1.4% to 216,810 yuan, while aluminium dipped 0.2% to 18,665 yuan a ton.
The global nickel market had a surplus of 212,500 tons in the first 11 months of 2023, ballooning from an overhang of 80,200 tons in the same period a year earlier, data from the International Nickel Study Group showed.
A surge in nickel output from Indonesia outpaced demand growth and pushed LME nickel price down by 45% last year.
For the top stories in metals and other news, click or
DATA/EVENTS (GMT)
0330 Bank of Japan concludes two-day policy meeting,
announces decision
0500 Japan Chain Store Sales YY Dec
1500 US Consumer Confid. Flash Jan
($1 = 7.1806 yuan) (Reporting by Mai Nguyen in Hanoi; Editing by Subhranshu Sahu)
