SINGAPORE — Asian stock markets were buoyed Tuesday by hopes for a rebound in the global manufacturing sector, with commodity shares rising although shipping shares faltered after recent gains.

Japan’s Nikkei 225 was up 0.6% with South Korea’s Kospi Composite up 1.1% and Australia’s S&P/ASX 200 higher by 1.5%. New Zealand’s NZX-50 had gained 0.9%, with U.S. stock futures mildly lower in screen trade.

“Surging commodity markets backed by global economic recovery hopes are lifting stock markets around the world,” said Tachibana Securities analyst and operating officer Kenichi Hirano, adding the Nikkei “doesn’t look overheated yet.”

David A. Rosenberg, Gluskin Sheff chief economist, said “the Asian revival may be for real. Unless the data are lying, we are seeing spreading strength across the continent. This is bullish for the commodity complex.”

Risk appetite was still being felt in Asia, although base metals and crude oil slipped after their recent spurt and some of the froth was coming off the euro and Australian dollar.

Mining stocks were higher again, with BHP Billiton up 2.2%, Alumina up 5.7%, Rio Tinto up 5.6% and Oil Search up 2.6% in Sydney, with Nippon Steel up 3.5% and Mitsubishi Materials up 2.7% in Tokyo.

“The action in commodity markets continues to suggest the end is in sight for the global slowdown,” said IF Index sales trading head Tim Hughes. “Stock investors seem happy to keep pushing mining shares higher — this is a sector that has outperformed the wider market for much of this year and at the moment it seems to have plenty of positive momentum behind it.”

Those hoping for a turnaround in global demand were pointing to the still-surging Baltic Dry Index, which has risen 20 sessions in a row, adding a further 5.4% Monday. But shipping stocks slipped back, with Nippon Yusen off 2.1% and Mitsui O.S.K. Lines off 1.7% in Japan.

Exporter stocks gained in Korea, even as the won rose, with LG Electronics up 3.4%. Hyundai Motor added 2.9% with Daewoo Motor Sales — which sells GM/Daewoo cars through a nationwide network in Korea — up 9.8% after GM’s local unit said it would become part of the “new” GM.

Bellwether Telecom was helping in New Zealand, rising 2.4%, with Tower up 6.0% after its well-received results on Friday, though the recent spike in the New Zealand dollar curbed exporter shares, with Fisher & Paykel Healthcare off 0.7%.

Stronger share markets weren’t translating to Japanese yen weakness in Asia, even though that currency tends to fall when risk appetite improves. The U.S. dollar was at ¥96.17, from ¥96.65 late in New York, with the euro at $1.4147, from an early high of $1.4180 and $1.4150 in New York, and at ¥135.95, from ¥136.67.

Dealers in Tokyo said Asian hedge funds and exporters were buying the yen amid a general trend for U.S. dollar weakness.

The Australian dollar was at US$0.8079, from an overnight high of US$0.8152 and the New Zealand dollar at US$0.6431, from US$0.6519.

Some consolidation for the riskier currencies wouldn’t surprise, said BNZ strategist Danica Hampton. “From a fundamental perspective, our analysis shows the New Zealand dollar as over-stretched — the rally has outpaced the increase in risk appetite, New Zealand commodity prices and the New Zealand/U.S. three-year swap.”

Japanese government bonds were tracking U.S. Treasurys lower, with lead futures down 0.35 at 136.16, with the government to auction some 10-year bonds later Tuesday. The yield on the 10-year note rose to 1.505%, its highest level since November 17.

Spot gold was up 40 cents at $975 a troy ounce, having pulled back a little in New York.

Three-month copper on the London Metal Exchange was down $15 from the London kerb, at $5,060 a metric ton, though Triland analysts said it was poised for further gains, with an initial target of $5,500.

Some sellers came into July Nymex crude oil futures, which were down 68 cents on Globex at $67.90 a barrel after rising $2.27 in New York.

Write to Rosalind Mathieson at rosalind.mathieson@dowjones.com