Fund managers have been scaling up short positions on zinc, betting that this year's weakest base metals price performer has further downside.

The complication for Nippon Steel is that regulators may look unfavorably on whether its acquisition of US Steel could allow more access to US markets for Chinese-sourced steel.

The move comes after China tightened export rules for graphite used for EVs in December.

Coal miners in Shanxi were asked to reduce output and carry out safety checks from March to May.

The most-active July contract on the Guangzhou Futures Exchange surged by 10%.

Myanmar's Wa state has placed a tax in kind of 30% on all tin concentrate exports.

China’s overseas investment in metals and mining as part of its Belt and Road Initiative surged by 158% last year, hitting $19.4 billion with energy transition metals the main focus.

"Year of the Dragon" fuelled the jewellery demand as this is seen as a traditionally auspicious year for gold purchases in China.