METALS- Copper holds steady; LME nickel resumes Asian hours trading


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 CMCU3 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 SCFcv1 was up 0.2% to 69,250 yuan ($10,063.94) a tonne.

Copper inventories in warehouses monitored by SHFE CU-STX-SGH 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 CMNI3 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 SNIcv1 rose 3.3% to 182,920 yuan a tonne, aluminium SAFcv1 was up 0.4% to 22,530 yuan, tin SSNcv1 jumped 3.5% to 201,510 yuan, and zinc SZNcv1 gained 0.4% to 22,535 yuan.

LME aluminium CMAL3 rose 0.7% to $2,342 a tonne and tin CMSN3 climbed 1.9% to $24,800, while zinc CMZN3 shed 0.4% to $2,895 and lead CMPB3 dipped 0.1% to $2,124.

For the top stories in metals and other news, click TOP/MTL or MET/L

($1 = 6.8810 yuan)

(Reporting by Siyi Liu and Dominique Patton; Editing by Varun H K)


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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