MANILA, Dec 14 (Reuters) - Nickel hit a 14-month high in London and scaled a contract peak in Shanghai on Monday, on higher stainless steel prices in China and concerns about supply.
Three-month nickel on the London Metal Exchange rose 2.8% to $17,775 a tonne, the highest since Oct. 11, 2019.
The most-active February nickel contract on the Shanghai Futures Exchange climbed 3.4% to 133,190 yuan ($20,376.04) a tonne, advancing for a sixth consecutive session.
Shanghai stainless steel futures jumped more than 3% in early trade.
Nickel and other base metals in London were also supported by investors turning cautiously optimistic over prospects of an additional U.S. economic stimulus and the extended E.U.-U.K. trade talks.
FUNDAMENTALS
* The nickel smelter of Eramet SA’s SLN subsidiary in New Caledonia is running low on ore due to widespread protests over the sale of another nickel operation in the French Pacific territory.
* Nickel output in the Philippines, the biggest exporter of the material to top metals consumer China, dropped 12% in the first nine months of the year.
* For the top stories in metals and other news, click or
MARKETS NEWS
* Stocks started a busy week with guarded gains as investors gauged the chance of added U.S. fiscal and monetary stimulus, while the British pound rose in relief as a last-gasp extension to Brexit talks dodged a hard divorce.
DATA/EVENTS (GMT)
0630 India WPI Inflation YY Nov
1000 EU Industrial Production MM, YY Oct
PRICES
Three month LME copper
Most active ShFE copper
Three month LME aluminium
Most active ShFE aluminium
Three month LME zinc
Most active ShFE zinc
Three month LME lead
Most active ShFE lead
Three month LME nickel
Most active ShFE nickel
Three month LME tin
Most active ShFE tin
Reporting by Enrico Dela Cruz in Manila; editing by Uttaresh.V
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METALS-London nickel scales 14-month peak on supply crunch fears - Reuters
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