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Nickel hit a 14-month high in London on Monday, Dec. 14, 2020. And as Reuters reports, climbed to a contract high in Shanghai on higher stainless steel prices in China and concerns about supply.

London nickel climbs to 14-month high on fears of supply shortages
London nickel climbs to 14-month high on fears of supply shortages

Three-month nickel on the London Metal Exchange rose 2.8% to $17,775 a ton, 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) per ton, gaining for the sixth straight session.

Shanghai stainless steel futures rose more than 3% in early trade.

Nickel and other base metals were also supported in London by investors who were cautiously optimistic amid prospects for additional U.S. stimulus and expanded trade talks between the EU and the UK.

Source: reuters.com


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