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METALS-Shanghai copper hits two-month peak over gas shortages

BEIJING, Dec 25 (Reuters) - Shanghai copper prices rose over 1 percent on Monday, touching a two-month peak toward year-end, as smelters in China cut production amid gas shortages across the country.

FUNDAMENTALS

* LME COPPER: Three-month copper on the London Metal Exchange was up 0.7 percent to $7136 a tonne by on Friday, hitting a two-month high at $7139 per tonne.

* SHFE COPPER: The most-traded February copper contract on the Shanghai Futures Exchange gained 1.3 percent to 55050 yuan ($8,377.59) a tonne at 0148 GMT.

*U.S.ECONOMY: U.S.President Donald Trump signed Republicans' massive $1.5 trillion tax overhaul into law on Friday, cementing the biggest legislative victory of his first year in office, and also approved a short-term spending bill that averts a possible government shutdown.

* Dollar: Speculators pared net short U.S. dollar bets, pushing them to their lowest level since mid-November, according to calculations by Reuters and Commodity Futures Trading Commission data released on Friday.

* CHINA: Beijing must proactively but gradually reduce debt in the economy to prevent the buildup of financial risks, state news agency Xinhua quoted the central bank's deputy governor as saying on Saturday.

* London Metal Exchange is closed on Monday for Christmas.

* For the top stories in metals and other news, click or

MARKETS NEWS

* Financial markets in the U.S., U.K., Germany, France, Brazil, Hong Kong, South Korea, India and Australia are closed on Monday for Christmas.

DATA/EVENTS

* No major data or events are expected on Monday.

PRICES

BASE METALS PRICES 0148 GMT Three month LME copper 7136 Most active ShFE copper 55050 Three month LME 2183

aluminum

Most active ShFE 14840

aluminum

Three month LME zinc 3275 Most active ShFE zinc 25760 Three month LME lead 2482.5 Most active ShFE lead 19220 Three month LME nickel 12080 Most active ShFE nickel 96350 Three month LME tin 19530 Most active ShFE tin 138100

($1 = 6.5711 Chinese yuan renminbi) For related news and prices, click on the codes in brackets:

LME price overview COMEX copper futures Base metals news All metals news All commodities news Metals diary

Foreign exchange rates SPEED GUIDES

(Reporting by Muyu Xu and Aizhu Chen; Editing by Richard Borsuk)