Commodities gained on the back of better-than-expected China producer prices and the dollar firmed ahead of Asia’s Tuesday trading day.

Copper prices surged overnight after China’s producer price index for September beat expectations in its Monday reveal. That metal cracked the $7,000 per ton level, reaching heights not seen since 2014. Copper last traded at $7,130.

Investors are expecting a “relatively positive backdrop” in the space ahead of China’s 19th Party Congress, which is set to begin Oct. 18, according to ANZ Research.

Also in the commodities patch, oil prices were given a boost following headlines that Iraqi forces had captured parts of Kirkuk, an oil-rich city controlled by Kurdish forces. Brent crude futures surged 1.1 percent to settle at $57.82 a barrel as markets worried geopolitical tensions could disrupt supply. U.S. crude settled up 0.8 percent at $51.87.

Meanwhile, the greenback edged up against a basket of rival currencies overnight, with the dollar index standing at 93.275 at 6:33 a.m. HK/SIN. The U.S. currency also firmed against the Japanese yen to trade at 112.13 — above levels around the 111.7 handle seen at the end of Asian trade on Monday.

In Asia, futures implied yet another higher open for the Nikkei 225 after the benchmark index touched a fresh 21-year high in the last session. Nikkei futures traded in Chicago were up 0.51 percent at 21,365 and Osaka futures were 0.35 percent higher at 21,330. The index closed at 21,255.56 on Monday.

Down Under, the S&P/ASX 200 gained 0.43 percent in early trade.

Stocks on Wall Street touched record highs during the trading day as earnings season carried on. The Dow Jones tacked on 0.37 percent, or 85.24 points, to close at 22,956.96, the S&P 500 added 0.17 percent, or 4.47 points, to end at 2,557.64 and the Nasdaq closed up 0.28 percent at 6,624.

In corporate news, the falsification of product data at Japan’s Kobe Steel took place for longer than the 10-year period indicated by the steelmaker, Nikkei Asian Review said. The practice had actually occurred for decades at the company, Nikkei said, citing a source.

Elsewhere, Tencent Holdings Chairman Ma Huateng has sold part of his stake in the internet company, according to the Wall Street Journal. Ma raised approximately 2.1 billion Hong Kong dollars ($269 million) after he lowered his stake in Tencent to 8.63 percent from 8.69 percent, the WSJ reported.

Here’s the economic calendar for today (all times in HK/SIN):

• 8:30 a.m.: Reserve Bank of Australia minutes
• 8:30 a.m.: Singapore September NODX and trade balance
• 12:00 p.m.: Malaysia August unemployment