The most-traded May nickel contract on the SHFE rose to 102,250 yuan ($16,115) per tonne as of 10.02am Shanghai time, up by 70 yuan or 0.1% from Friday’s close of 102,180 yuan per tonne. 

“We previously argued that the nickel price came from a very low base and offered long-term investors good value. This has perhaps encouraged speculative funds to maintain their bullish exposure and maintain the upward trend for now. Moreover, money managers are sticky with their bullish exposure and that could bode well for the metal,” according to Metal Bulletin analyst Andy Farida. 

Meanwhile, copper and zinc prices have come under pressure from the significant increases in stock levels seen at SHFE warehouses last week.

Deliverable SHFE copper stocks increased by 41,755 tonnes to 260,287 tonnes as of last Friday, up by 19.1% from the 218,532 tonnes recorded on February 23, when the market reopened after the Lunar New Year holidays.

Zinc stocks at SHFE-listed warehouses climbed 31% or 35,664 tonnes last week to 150,551 tonnes as of Friday.

“End-users have not all come back [from the Lunar New Year holiday] yet, so demand was still a little weak [last week], but the market still has high expectations for the second quarter,” a Shanghai-based trader said. 

Base metals prices

· The SHFE April copper contract price decreased 180 yuan or 0.3% to 52,140 yuan per tonne.

· The SHFE April zinc contract price declined 290 yuan or 1.1% to 25,970 yuan per tonne.

· The SHFE May aluminium contract fell 95 yuan or 0.7% to 14,330 yuan per tonne.

· The SHFE April lead contract price dropped 65 yuan or 0.3% to 18,830 yuan per tonne.

· The SHFE May tin contract price rose 230 yuan or 0.2% to 147,610 yuan per tonne.

• [责任编辑：王可]