Copper increases due to decreased supply; LME nickel resumes trading during Asian hours.

On Monday, copper prices went up due to a limited supply around the world. In contrast, the nickel contract available for trading during Asian hours on the London Metal Exchange dropped. This was the first time it had traded in these hours since last March.

At 0442 GMT, the three-month copper on the LME increased by 0.4% and reached $8,960 a tonne. The May copper contract, which was the most-traded on the Shanghai Futures Exchange, rose by 0.2% and reached 69,250 yuan ($10,073.61) per tonne.

The amount of copper stored in the warehouses watched by SHFE decreased by 11.6% on the previous Friday, marking the fourth week in a row that this has happened. Since reaching a high point in February, the overall amount of copper in these warehouses has fallen by 36.2%, and now stands at 161,152 tonnes.

Declining shares, increasing interest and the possibility of a halt in the US Federal Reserve's plan to raise interest rates have aided in the rise of metal prices.

However, the market was affected by problems in the global banking industry, causing investors to analyze actions taken by officials and overseers.

On Monday, the value of the dollar remained stable which caused a bit of stress on commodities priced in US dollars.

The price of nickel on the London Metal Exchange decreased by 0.2% to $23,425 per tonne. Trading volume amounted to 59 lots.

The stock exchange temporarily stopped the trading of nickel and annulled all transactions due to the sudden price surge that led to over $100,000 per tonne on March 8th, 2022.

According to traders, the Asian session's reopening might enhance the option for Asia-based traders to search for profits by observing the price disparity between London and Shanghai. This could also lead to an increase in market liquidity.

Jason Sappor, a senior analyst at Metals and Mining Research at S&P Global Commodity Insights, predicts that unstable prices and inadequate trading conditions are probable to persist in LME nickel trading short term. Sappor states that Class 1 nickel, the primary type of nickel that is deliverable against LME and SHFE contracts, constitutes only approximately 30% of the overall primary nickel output globally in the year 2021.

The price of nickel on SHFE went up by 3.1% and reached 182,510 yuan per tonne. The value of aluminium also increased by 0.5%, bringing it to 18,480 yuan. Tin saw a significant growth of 3.8%, reaching a price of 202,040 yuan, while zinc gained 0.5% and went up to 22,540 yuan.

The cost of LME aluminum lowered slightly by 0.1% and now stands at $2,335 per tonne while tin increased by 1% and can now be purchased for $25,065. Zinc, on the other hand, decreased by 0.1% to $2,890 and lead witnessed a slight decrease of 0.2% and is now sold at $2,122.

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The blog post talks about the exchange rate of one US dollar to Chinese yuan renminbi, which is currently at 6.8744. The post was reported by Siyi Liu and Dominique Patton, and edited by Varun H K.

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