Asian commodity stocks rose, and copper soared to crack the $8,000-U.S.-a-ton level on signs the global economic recovery is gathering pace. The euro fell on concern Greece will struggle to repay its debt.
In Tokyo, the Nikkei 225 progressed 53.21 points, or 0.5%, to 11,339.30
Hong Kong markets were closed for a holiday.
Copper for May delivery on the London Metal Exchange advanced 1.5% to $8,009 U.S. a ton, the highest level since Aug. 2008, before the collapse of Lehman Bros. Inc. The Australian dollar, known as the Aussie, climbed after the central bank raised interest rates. The euro sank 0.8% to 126.23 yen from 127.25 in New York yesterday.
Shares of Japan’s exporters declined, dragging the Nikkei 225 Stock Average down, as a stronger yen threatened to reduce the value of overseas sales. Canon retreated 1.8%, having gained 6.9% in the past five days. Nintendo Co., the world’s biggest maker of video-game players, dropped 1.4%.
Taiwan Semiconductor Manufacturing Co. and Mediatek Inc. climbed at least 1.6% after the Economic Daily News reported that the chip companies may raise salaries by as much as 3% as their business outlook improved.
BHP Billiton advanced 1.6%. Rio Tinto Ltd., the world’s third-biggest mining company, gained 1.3%. Woodside Petroleum Ltd., Australia’s second- biggest oil producer, climbed 1.8%.
CHINA
Chinese yuan forwards jumped by the most in nine weeks on speculation the U.S. decision to delay a report on global foreign-exchange policies due April 15 will make China more willing to let the currency resume appreciation.
Shanghai’s CSI 300 Index came in lower by 2.20 points to 3,405.14
Twelve-month non-deliverable forwards advanced 0.3% to 6.6273 per dollar. The contracts reflect bets the currency will climb 3% from the spot rate of 6.8259.
Elsewhere;
Korea’s Kospi index advanced 1.10 points to 1,726.09
Singapore’s Straits Times Index moved up 7.13 points, or 0.2%, to 2,975.51
Taiwan’s Taiex index picked up 63.72 points or 0.8% to 8,089.65.
New Zealand’s NZX 50 Index tacked on 32.68 points, or 1%, to 3,308.91
Australia’s S&P/ASX 200 added 46 points, or 0.9%, to 4,953.70.
