MANILA: 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 US economic stimulus and the extended E.U.-U.K. trade talks.