Meanwhile the US Federal Reserve has indicated tapering would start in November and the "dot plot" suggested the interest rate would not increase to 1% until 2023.

Iron ore leapt 18% to more than US$100 per tonne, with MySteel 62% Australian fines at $108/t.

Copper rose more than 3.5% in London, back above $9,000 per tonne to $9,301.75/t.

However it's secular changes relating to de-carbonisation that should matter most in the long run, investment bank Jefferies said following a base metals and battery materials summit yesterday.

"While Chinese property market risks will matter most in the near-term, we are positive on the medium-term outlook for copper and aluminum as we believe secular demand growth related to the global energy transition will push these markets into growing deficits with higher prices," analyst Christopher LaFemina said.

Among the mining majors, copper producer Antofagasta shot up 6.88% in London and First Quantum Minerals rose 7.52% in Toronto.

Finally, gold has tumbled to $1,761 an ounce on the spot market.