April 17 (Reuters) - London copper prices edged higher
on Monday, underpinned by falling inventories in London Metal
Exchange (LME) warehouses and on hopes of further economic
stimulus from the Chinese government.
Three-month copper on the LME edged up 0.1% to
$9,030 a tonne by 0403 GMT, while the most-traded May copper
contract on the Shanghai Futures Exchange dipped 0.1%
to 69,960 yuan ($10,174.37) a tonne.
LME copper inventories dropped to 51,550
tonnes, their lowest since August 2005. Stockpiles of the metal
in SHFE warehouses have also been falling.
"Weak inflation data in China also stoked hopes that Beijing
would increase stimulus measures to support economic growth,"
ANZ analysts said in a report.
"Sentiment across the broader metals market was supported by
stronger risk appetite and a weaker U.S. dollar."
SHFE tin surged 11.3% to 217,240 yuan a tonne and
LME tin jumped 8.3% to $26,925 a tonne on a possible ore
mining ban in Myanmar.
LME nickel rose 2.5% to $24,740 a tonne, lead fell 0.9% to $2,150 a tonne, aluminium advanced
0.1% to $2,387 a tonne and zinc increased 0.2% to $2,862
a tonne.
SHFE aluminium rose 0.4% to 18,775 yuan a tonne,
zinc was up 0.4% at 22,430 yuan a tonne, lead increased 0.7% to 15,390 yuan a tonne and nickel jumped
3.5% to 191,050 yuan a tonne.
For the top stories in metals and other news, click or DATA/EVENTS (GMT)
1000 EU Reserve Assets Total March
($1 = 6.8761 yuan)
(Reporting by Mai Nguyen in Hanoi; Editing by Subhranshu Sahu)
mai.nguyen.thomsonreuters.com@reuters.net))
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