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London Metal Exchange cash nickel jumped by 2.7% to US$9726 per tonne, while zinc was up by 1.3% to $2783.50/t.
“China’s zinc imports surged higher last month, in a sign that demand conditions remain positive,” ANZ Research said.
“Imports of refined zinc in June rose 28% year-on-year to 41,713 tonnes. This was also up 25% from May.
“Demand for nickel was also stronger, with imports of ferronickel hitting the second highest level on record amid signs from stainless steel mills are looking to restock their raw materials.”
Reuters also reported overnight that Philippine President Rodrigo Duterte promised to tax miners “to death” in his annual address to the nation.
Meanwhile, spot gold was lower at $1254 an ounce, while futures remained at close to $1262/oz.
Australian dollar gold was at A$1583.70/oz, as the dollar remained at US79.21c.
ASX futures were higher this morning, despite drops in US and UK stocks overnight.
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