China's National People's Congress is to Convene in Beijing on Saturday. Among other things, the government will be presenting its next five-year plan for the years 2016-2020 there. The proceedings would provide crucial details on how the government plans to boost growth, which is expected at 6.5 - 7 percent to this year.

PBoC Governor Zhou is also expected to speak in the NPC press conference and his words will help further clarify the current monetary policy stance of 'prudent with a slight easing bias'. Finally, policy messages should shed new light on the shifting balance of supply-side reforms and demand-side support going forward."

Market participants are clearly hoping that the government will also announce further measures to stimulate the economy. China is by far the largest consumer country and prospect of robust metal demand should continue to boost metal prices, which achieved further significant gains in the run-up to the National People's Congress.