Japanese equities rose, with the Nikkei 225 Stock Average on course for its highest close in almost two decades, as global shares rallied amid a rebound in commodity prices.

The Nikkei 225 added 0.5 percent to 20,912.43 as of 9:01 a.m., heading for its highest closing level since December 1996. The Topix index advanced 0.6 percent to 1,700.66, on course for its highest close since July 2007, as all but four of its 33 industry groups advanced. The Bloomberg Commodity Index jumped the most since February as U.S. oil advanced 2.5 percent and copper rallied 2.6 percent, sending U.S. stocks higher by the most since May.

Crude on Monday climbed from its lowest settlement price in almost five months as Chinese oil imports rose to a record in July. Overseas purchases by China increased to 30.71 million metric tons in July, higher than December’s level of 30.4 million tons, a previous monthly record.

Futures on the Standard & Poor’s 500 Index were little changed after the underlying measure jumped 1.3 percent on Monday in New York. Materials stocks climbed the most this year as copper rallied from a six-year low. The metal has lost 16 percent this year on prospects for rising global output and slower demand in China, the biggest user. The Stoxx Europe 600 Index added 0.7 percent.

Source: Bloomberg