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METALS-Shanghai nickel falls from 5-month top alongside steel

BEIJING, Dec 26 (Reuters) - Shanghai nickel tumbled nearly 2 percent on Tuesday after touching a 5-week peak in the previous session, with prices dampened by waning demand for steel.

FUNDAMENTALS

* London Metal Exchange (LME) is closed on Tuesday for the Boxing Day holiday.

* The most-traded May nickel contract on the Shanghai Futures Exchange fell 1.8 percent to 94,610 yuan ($14,470.56) a tonne. It hit as much as 97,650 yuan a tonne on Monday, highest level since Nov 15.

* SHFE: Shanghai Futures Exchange says to cut margin requirements for copper, aluminum, tin, gold, silver futures contracts from Jan 2.

* STEEL: Steel demand in the world's top producer and consumer of the metal cooled as construction slowed with lower temperature in China's northern regions.

* COPPER: Pan Pacific Copper (PPC), Japan's biggest copper smelter, expects copper prices to rise more than a quarter over the next two years as global demand continues to grow and outpaces supply, its senior executive said on Monday.

* DOLLAR: The dollar was steady in holiday-thinned trading on Tuesday, shrugging off upbeat Japanese economic data as most market participants have already closed their books for the year.

* CHINA MONETARY: Beijing is likely to set its 2018 money growth target at an all-time low of around 9 percent to curb debt risks and contain asset bubbles, the official China Daily reported on Monday, citing economists involved in high-level policy discussions.

* CHINA ECONOMY: China needs to let local governments take responsibility for their finances, including allowing bankruptcies, as part of an effort to defuse their debt risks, a central bank official wrote on Monday.

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MARKETS NEWS

* Financial markets in the United States, UK, Germany, France, Brazil, Hong Kong, South Korea, India and Australia were closed on Monday for Christmas.

DATA/EVENTS

1400 U.S. S&P Case-Shiller home price Oct

1500 U.S. Richmond Fed manufacturing index Dec

1500 U.S. Consumer confidence Dec

1530 U.S. Dallas Fed Texas manufacturing activity index

PRICES

BASE METALS PRICES GMT 0134 Three month LME copper 7136 Most active ShFE copper 54640 Three month LME aluminum 2183 Most active ShFE aluminum 14535 Three month LME zinc 3275 Most active ShFE zinc 25375 Three month LME lead 2482.5 Most active ShFE lead 19020 Three month LME nickel 12080 Most active ShFE nickel 94610 Three month LME tin 19530 Most active ShFE tin 138340

($1 = 6.5381 Chinese yuan)

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

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(Reporting by Muyu Xu and Ryan Woo; Editing by Gopakumar Warrier)