BEIJING — 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.
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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
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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, aluminum 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 aluminum 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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($1 = 6.8810 yuan) (Reporting by Siyi Liu and Dominique Patton; Editing by Varun H K)
