By Michael Bellart in Shanghai

Commodities on the Shanghai Futures Exchange shot up Wednesday despite the Chinese central bank's announcement of a 0.25 percent interest rate hike Tuesday night.

Base metals rose across the board with the most-traded June copper contract up 0.7 percent at 71,160 yuan ($10,870) per ton at the close of trading, according to data from the exchange.

China's interest rate hikes often trigger fears of a slowdown in domestic demand for commodities, including gold and industrial metals, but London copper futures rose Wednesday, ignoring Beijing's latest move, Reuters reported Wednesday.

The interest rate hike, which the market had anticipated would take place this month, was within the market's expectations. This limited its impact on commodities prices, according to Zhuo Guiqiu, an analyst from Minmetals Futures in Shenzhen.

"Thursday's hike has calmed the market's nerves for now, so the prices have gone up. But in my opinion, inflation will remain a problem in the coming months, so concerns over liquidity remain," Zhuo told the Global Times.

China's consumer price index, the primary gauge of inflation, rose 4.9 percent year-on-year in February.

Copper on the Changjiang Nonferrous Metals Trading Market, a major local spot metals market, was trading Wednesday at an average price of 71,400 yuan ($10,907) per ton, up 350 yuan ($53.47) from the previous day.

The three-month copper contract on the London Metal Exchange, which influences global prices, rose about 1.4 percent to $9,500 per ton, as of 3:10 pm Beijing time Wednesday.

SHFE natural rubber saw the largest gain of the day. The most-traded September contract rose 2.4 percent to settle at 35,725 yuan ($5,457) per ton.

The June delivery of aluminum gained about 0.2 percent to settle at 16,810 yuan ($2,568) per ton and the June zinc contract increased by 1.3 percent to settle at 18,465 ($2,820) on the SHFE.

The September delivery lead contract grew by 2.2 percent to 19,080 yuan ($2,914) per ton.