Shanghai copper and nickel prices extended gains to a fourth session on Monday, as low inventories and hopes for additional stimulus in top metals consumer China outweighed pressure from a stronger dollar.
The most-active May copper contract on the Shanghai Futures Exchange was up 0.3 percent at 74,790 yuan ($11,741.34) a ton, after rising to its highest since March 8 at 75,320 yuan ($11,820.09) in early Asian trade.
ShFE nickel was up 2.2 percent at 226,260 yuan ($35,520.74), after rising to its highest since March 28 earlier in the day.
The London Metal Exchange was closed for Easter holiday.
“The expectations around more stimulus from China to cushion the economic slowdown and data showing strong GDP growth and industrial production in Q1 are offering support,” said Jigar Trivedi, a commodities analyst at Mumbai-based broker AnandRathi Shares.
