BEIJING, March 27 (Reuters) - 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 $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 ($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 $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 $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 $2,342 a tonne and tin climbed 1.9% to $24,800, while zinc shed 0.4% to
$2,895 and lead dipped 0.1% to $2,124.
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(Reporting by Siyi Liu and Dominique Patton; Editing by Varun H
K)
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