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METALS-Shanghai aluminium set to end four-day losing streak

(Adds analyst comment, technical data; updates prices) BEIJING, Nov 23 (Reuters) - Shanghai aluminium prices rose as much as 1 percent on Thursday, on track to end a four-day losing run despite some lingering bearish sentiment. The metal is still down by around 8 percent in Shanghai so far this month, as Chinese winter smelting restrictions in force from mid-November turned out to be less severe than the market expected. It remains up by 11 percent year-to-date. "Supply-side reforms in the Chinese aluminium smelting sector are accelerating, and environmental regulations are further limiting output," Societe Generale analysts wrote in a 2018 commodities outlook, forecasting that prices would average $2,075 a tonne in six months. Global aluminium demand will rise by 5 percent next year and the market "will shift into a deficit for the first time in over a decade", they added.

* SHFE ALUMINIUM: The most-traded aluminium contract on the Shanghai Futures Exchange was up 0.8 percent at 15,030 yuan ($2,279.83) a tonne by the mid-session break, having closed below 15,000 yuan a tonne on Wednesday for the first time since Aug. 1.

* GETTING TECHNICAL: ShFE aluminium closed below its 200-day moving average on Tuesday for the first time in more than 18 months, sending a sell signal to chart-following funds.

* OPEN INTEREST: Market open interest in the ShFE aluminium contract fell to 790,710 lots on Wednesday, its lowest level since early August.

* LME ALUMINIUM: On the London Metal Exchange, three-month aluminium was down 0.2 percent at $2,103 a tonne amid quiet trade due to the Thanksgiving holiday in the United States. It has lost less than 3 percent this month.

* COPPER: Three-month copper on the LME was down 0.1 percent at $6,950 a tonne at 0439 GMT, having posted a 0.7-percent gain in the previous session. The most-traded copper contract on the ShFE was up 0.1 percent at 54,040 yuan a tonne.

* LME WAIVERS: The LME said on Wednesday it had agreed a range of waivers and discounts to assuage its members when it starts to charge a fee on off-exchange, over-the-counter (OTC) contracts that reference its prices.

* PERU: Workers for the two largest unions at Southern Copper Corp in Peru said on Wednesday they had started an indefinite strike, demanding a fair share of profits, while the company said the stoppage had not affected operations.

* INDONESIA: State-owned diversified miner PT Aneka Tambang Tbk (Antam) is targeting a 162-percent jump in nickel ore sales next year to 11 million tonnes from an estimated 4.2 million tonnes this year, its chief executive said.

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MARKETS NEWS

* The dollar was on the defensive Thursday after suffering its worst drubbing in five months, while bonds celebrated a comeback on speculation the Federal Reserve might not tighten U.S. policy as aggressively as previously thought.

* A gauge of global equity performance scaled fresh record highs on Wednesday, propelled by bullish growth and company earnings outlooks, while crude oil rose to the highest prices in more than two years.

DATA AHEAD

0700 Germany Detailed GDP Q3 0745 France Business climate Nov 0800 France Markit manufacturing PMI flash Nov 0830 Germany Markit manufacturing PMI flash Nov

0900 Euro zone Markit manufacturing PMI flash Nov

0930 Britain GDP 2nd Release Q3

PRICES

BASE METALS PRICES 0449 GMT Three month LME copper 6950 Most active ShFE copper 54030 Three month LME aluminium 2103 Most active ShFE aluminium 15030 Three month LME zinc 3227.5 Most active ShFE zinc 25685 Three month LME lead 2448.5 Most active ShFE lead 18615 Three month LME nickel 11910 Most active ShFE nickel 96000 Three month LME tin 19405 Most active ShFE tin 142360

BASE METALS ARBITRAGE

LME/SHFE COPPER LMESHFCUc3 577.28 LME/SHFE ALUMINIUM LMESHFALc3 -1095.48 LME/SHFE ZINC LMESHFZNc3 510.96 LME/SHFE LEAD LMESHFPBc3 -832.74 LME/SHFE NICKEL LMESHFNIc3 2520.52

($1 = 6.5926 Chinese yuan renminbi)

(Reporting by Tom Daly; Editing by Joseph Radford)