Shanghai copper, nickel up

Shanghai nickel jumped more than 4 percent on Monday, tracking a move in London after China said it would cut duties on some steel exports, which raised expectations for demand. Shanghai Futures Exchange nickel closed up 4.2 percent at 93,740 yuan ($14,176.82) a tonne, after rising as far as 94,340 yuan, the highest since November 28. Prices rallied although open interest was steady, which suggests that short positions have been closed. Shanghai Futures Exchange copper climbed 1.5 percent to 53,560 yuan.