(Updates prices, recasts throughout)
By Mai Nguyen
SINGAPORE, Nov 12 (Reuters) - Nickel on both the London and Shanghai exchanges on Monday decreased further towards their lowest in around 11 months, pressured by worries of slowing Chinese demand for steel.
Three-month nickel fell 1 percent to $11,360 a tonne on the London Metal Exchange at 0739 GMT, its lowest since mid-December. The most-traded Shanghai nickel contract ended down 2.4 percent to 94,650 yuan ($13,592.89) a tonne, its lowest close since Dec. 26, 2017.
"Stainless steel prices dropped a lot in the last two weeks because production is too high...Investors are quite bearish about the futures market," said Peter Peng of CRU Group.
Nickel is used in the production of steel.
Increasing nickel pig iron production and rising Shanghai nickel inventory also pointed to further nickel weakness in the short term, said analyst Helen Lau of Argonaut Securities.
A strong U.S. dollar and worries over economic growth in China as well as the U.S.-China trade tensions have been weighing on industrial metals.
* REBAR STEEL: Shanghai rebar steel prices tumbled nearly 4 percent to the lowest since late July on Monday, pressured by worries over slowing demand in top consumer China over the seasonally weak winter period.
* U.S. DOLLAR: The dollar built on last week's gains and rose towards a 16-month high on Monday as traders expect the U.S. Federal Reserve to keep tightening monetary policy.
A stronger U.S. currency makes dollar-denominated metals more expensive for buyers paying in other currencies.
* OTHER METALS: London's three-month copper futures rose 0.3 percent to $6,072 a tonne, while aluminium edged up 0.2 percent to $1,958.5 a tonne.
* RUSAL: The United States said on Friday it was postponing the enforcement of sanctions on Russia's Rusal, the world's second-biggest producer until Dec. 12 as its top shareholder works on a plan to cut his stakes.
* GLOBAL MARKETS: Asian shares drifted lower on Monday as signs of softening demand in China rekindled anxiety about the outlook for world growth.
* CHINA PROMISE: Chinese Premier Li Keqiang said on Monday Beijing will further open up its economy in the face of rising protectionism, as he headed for meetings with Asia-Pacific leaders in Singapore that are expected to focus on trade tensions.
Three month LME copper
Most active ShFE copper
Three month LME aluminium
Most active ShFE aluminium
Three month LME zinc
Most active ShFE zinc
Three month LME lead
Most active ShFE lead
Three month LME nickel
Most active ShFE nickel
Three month LME tin
Most active ShFE tin
ARBS ($1 = 6.9632 Chinese yuan)
Reporting by Mai Nguyen; Editing by Rashmi Aich