Base metals appeared to benefit from the special bond issuance announcement from China's Ministry of Finance, Marex Spectron's Dee Perera noted, saying it impacted the ferrous market and nickel and zinc in particular.

Iron ore 62% fines rose 5.7% to US$106.05 per tonne according to MySteel.

BHP (ASX: BHP) was up more than 2.7% in Australian trade this afternoon.

Australian gold miners were also having a good day out, with Saracen Mineral Holdings (ASX: SAR), Regis Resources (ASX: RRL) and Resolute Mining (ASX: RSG) all up more than 5% at the time of writing.

The Australian dollar gold price is around an all-time high, worth about $1,921 an ounce on the spot market according to the Perth Mint.

Metals and mining stocks enjoyed a positive day in Toronto, collectively gaining 2.78%.

Silver Bear Resources (TSX: SBR), which is gearing up for commercial production at its Mangazeisky silver project in Russia, gained almost 18% as it promoted Mikhail Ilyin to chief financial officer.

Barrick Gold (TSX: ABX) finished about 1% higher as it committed to increase its stake in Idaho-focused developer Midas Gold.
 
However for its part, Midas (TSX: MAX) closed 8.8% lower yesterday.