China's National Development and Reform Commission deputy head Lian Weiliang told reporters the country was "fully capable and confident of winning the battle against the epidemic … and we have confidence in minimising its impact on the economy".

Capital Economics lowered its first quarter GDP forecast for China to 3% from 5.5%, however they still believed production would catch up later this year, Marex Spectron's Anna Stablum said.

Copper ended its losing streak and closed up about 1.7% on the London Metal Exchange.

The gold price was glum amid the general optimism, dropping to about US$1,553 an ounce on the spot market earlier.

Glencore (LSE: GLEN) was one of the bigger risers in London yesterday, closing up more than 5% as it released its full-year production report.

Newmont (NYSE: NEM) lost almost 3% in New York, while in Australian trade, lithium miners led the big gains this morning following Tesla's surge and increasing confidence in the electric vehicle thematic.

Orocobre (ASX: ORE) was up 12.4% and Pilbara Minerals (ASX: PLS) up 11.9% at the time of writing.