Nonferrous metals on the SHFE were mostly higher on Wednesday morning, and their counterparts on the LME rose across the board, as investors watched for developments on the coronavirus front. Shanghai base metals mostly advanced in overnight trading. Tin added 0.35%, copper rose 0.65%, lead increased 0.86%, zinc went up 0.22% and nickel strengthened 2.19%, while aluminium fell 0.27%. The LME complex rose across the board on Tuesday. Nickel was the best performer with a rise of 3.51%. Lead advanced 3.23%, tin edged up 1.47%, aluminium climbed 0.85%, zinc increased 0.61% and copper went up 1.71%. Fed officials believe that it is too early to discuss reducing bond purchases, and the US dollar index has weakened sharply due to the sharp drop in US bond yields. In addition, it was announced last night that API crude oil inventories unexpectedly decreased by 5.821 million barrels as of January 8 in the US, which injected optimism into the market with the market expectation of Biden's government's further economic stimulus plan, leading US oil prices to once reach a new high. On the spot side, the drop in copper price stimulated traders and large-scale processing enterprises to restock, which boosted the activity of copper spot market, and the trading volume obviously recovered. Inventories remained at a historical low level as there is still a certain rigid demand of the downstream, and it is expected that the spot prices will remain high before delivery this week.