"Even though we do see improvement on the global economic environment, they are still very cautious," said OCBC Bank's head of Greater China research Tommy Xie, on the issue of unemployment.
"Australian miners' output is expected to lift only marginally, leaving the Brazilian giant, Vale, crucial to the overall recovery in supply," he said in a monthly outlook.
South Korea on Saturday eased curfews on more than half a million restaurants and other businesses outside the capital Seoul, letting them stay open an hour later, amid a public backlash over tight curbs to contain COVID-19.
Rebar on the Shanghai Futures Exchange rose 2.3% by 0330 GMT and hot-rolled coil jumped 3.1%, both also up for a third straight session. Stainless steel gained 0.2%.
The number of travellers during the period, when hundreds of millions typically return home for family visits or go sightseeing, is expected to be down sharply this year amid heightened precautions.
Ming Ming, an analyst at CITIC Securities, said if the rise in US rates on the fiscal boost expectations is accompanied by a global rebound, the spread between Chinese and US rates is more likely to remain wide, which should support the yuan.