Asia close: Stocks mostly higher despite selling pressure in commodities

Stocks in the Asia Pacific region finished the session mostly higher, buoyed by an overnight rally on Wall Street from the session lows.

Traders however were monitoring continued selling in Chinese commodities futures, especially in those for iron ore (-8%) and steel rebar (-6%).

Against that backdrop, the Shanghai Stock Exchange's Composite Index drifted 0.11% lower to 3,506.94.

Japan's Nikkei 225 meanwhile edged up 0.19% to 28,098.25.

Alongside, the US dollar was 0.05% stronger against the Chinese yuan to 6.4384 but off by 0.25% against the Japanese yen at 108.94.

New Zealand's S&P/NZX 20 Index was 1.48% higher to 7,966.01, alongside a 1.21% advance for Australia's All Ordinaries to 7,252.55.

The day before, China's State Council had called for more efforts to prevent rising commodities prices from being passed on to consumers.

On a related note, on Thursday, policy advisors in Beijing told Market News International that the country's economy would expand by at least 6% in the back half of 2021.

Stronger demand from overseas would offset Beijing's attempts to dampen growth in debt which could reduce growth momentum some.