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METALS-London nickel scales 14-month peak on supply crunch fears

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.

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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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