Copper holds steady; LME nickel resumes Asian hours trading – ET Auto
Copper traded within a narrow range on Monday as investors gauged metals stocks against global economic headwinds, while the nickel contract on the London Metal Exchange (LME) resumed its Asian hours trading after over a year.
Three-month copper on the LME added 0.3% to USD 8,944 a tonne by 0216 GMT, after posting a weekly gain previously.
The most-traded May copper contract on the Shanghai Futures Exchange was up 0.2% to 69,250 yuan (USD 10,063.94) a tonne.
Copper inventories in warehouses monitored by SHFE were down 11.6% last Friday, falling for a fourth consecutive week. Stocks have declined 36.2% so far to 161,152 tonnes, from a peak in late February.
Investors were also assessing moves made by authorities and regulators to rein in worries over the global banking system.
The dollar was firm on Monday. A strong dollar typically makes it less attractive for non-dollar holders to buy the greenback-priced commodity.
LME nickel slipped 0.6% to USD 23,330 a tonne, on its first day trading during Asian hours since last March when the bourse suspended the nickel market and cancel all trades after prices doubled within hours to over USD 100,000 per tonne.
SHFE nickel rose 3.3% to 182,920 yuan a tonne, aluminium was up 0.4% to 22,530 yuan, tin jumped 3.5% to 201,510 yuan, and zinc gained 0.4% to 22,535 yuan.
LME aluminium rose 0.7% to USD 2,342 a tonne and tin climbed 1.9% to USD 24,800, while zinc shed 0.4% to USD 2,895 and lead dipped 0.1% to USD 2,124.