BEIJING, Oct 16 (Reuters) - Copper prices opened higher this week on Monday, supported by resilient demand in China amid signs of a stablizing economy, although rising inventories and dollar strength capped gains.
Three-month copper on the London Metal Exchange was up 0.4% to $7,982 per metric ton by 0141 GMT, while the most-traded November copper contract on the Shanghai Futures Exchange dipped 0.1% to 66,340 yuan ($9,081.58) per ton.
Trade data last Friday showed a slump in exports and imports was gradually easing. September copper imports by the world's top consumer hit an intra-year high, although still lower than last year's volume.
However, copper stocks on the LME
Also weighing on the market was the dollar movement.
The dollar was on the front foot on Monday in cautious trade as tensions in the Middle East escalated, while investors awaited a speech by Federal Reserve Chair Jerome Powell later this week for further clues on the U.S. central bank's rate outlook.
A strong dollar typically pressures down commodity prices as it makes it more expensive to buy the greenback-priced commodity.
LME aluminium little changed at $2,199.50 a metric ton, tin moved 1.4% up to $25,425, zinc climbed 0.4% to $2,454.50, lead rose 0.7% to $2,055.50, and nickel was up 1.4% to $18,810.
SHFE aluminium shed 0.2% to 18,935 yuan a metric ton, lead nudged 0.2% down to 16,210 yuan, while nickel added 1% to 153,360 yuan, tin rose 2.6% at 218,920 yuan, and zinc gained 0.4% to 21,200 yuan.
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($1 = 7.3049 Chinese yuan renminbi) (Reporting by Siyi Liu and Dominique Patton; Editing by Rashmi Aich)
