BEIJING, Oct 25 (Reuters) - Prices of most base metals climbed higher on Wednesday as demand outlook brightened after top consumer China approved a 1 trillion yuan ($137 billion) sovereign bond to support the economy.
The fresh stimulus by China's top parliament, as reported by state media on Tuesday, would be spent rebuilding disaster zones and improving infrastructure, a key consumer for industrial metals.
Three-month copper on the London Metal Exchange was up 0.4% at $8,085 per metric ton by 0230 GMT, while the most-traded December copper contract on the Shanghai Futures Exchange rose 1.2% to 66,980 yuan per ton.
The boost in fiscal stimulus demonstrated the top leadership's commitment to boosting economic growth even as the 5% full-year GDP growth target is almost guaranteed, analysts said.
The dollar was on the front foot on Wednesday, drawing support from yet another resilient U.S. economic data reading.
But the firmer dollar, which typically makes the greenback-priced commodity more expensive for overseas buyers, failed to offset the fresh demand outlook.
LME aluminium climbed 1% to $2,212 a ton, tin added 0.6% to $25,250, zinc climbed 1.1% to $2,469, and nickel moved 0.2% up to $18,315, while lead nudged down 0.2% to $2,106.
SHFE aluminium rose 1.1% to 19,100 yuan a ton, zinc was up 1.1% at 21,245 yuan, lead was flat at 16,465 yuan, nickel added 0.4% to 147,630 yuan, and tin gained 1.1% at 216,260 yuan.
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(Reporting by Siyi Liu and Dominique Patton; Editing by Sherry Jacob-Phillips)
