(Adds comment, detail, updates prices) MELBOURNE, Nov 30 (Reuters) - Base metals declined on Thursday and looked to finish November lower, shrugging off encouraging manufacturing reports from China and Japan as investors locked in profits before year end. Most base metals have corrected this month after prices overshot fundamentals, but are still set for a second year of solid gains as global manufacturing growth recovers following the financial crisis. Nickel prices have dropped 8 percent this month as exuberance over demand from electric vehicles fades while pollution-related production cuts in China have proven less fierce than feared which has sent zinc and aluminum down by around 5 percent. "It could just be a little profit-taking. Theres been a bit of an unwind in some of the metals positions in the past month to six weeks," said UBS analyst Lachlan Shaw in Melbourne. "The aluminum long has definitely been unwound as the China winter cuts, which were expected to tighten the market, came through with a bit more wiggle room. The tension there has certainly dissipated."
* ALUMINIUM: London Metal Exchange (LME) aluminum fell as much as 1.2 percent to $2,040 per tonne, its lowest since Aug. 15. The metal is set to fall 5.3 percent in November, its biggest monthly loss since May 2016. This has taken some heat out of the year's 22 percent rally which is still its biggest since 2009 when prices surged 46 percent. Shanghai Futures Exchange (ShFE) aluminum has sunk by more than 12 percent this month.
* COPPER: LME copper eased by 0.1 percent to $6,750 a tonne, as of 0318 GMT. Earlier in the session, it hit $6,720 a tonne, the weakest since Nov. 17. ShFE copper slipped 1 percent to 52,640 yuan ($7,969) a tonne.
* CHINA PMI: Growth in China's manufacturing sector unexpectedly picked up in November, despite a crackdown on air pollution and a cooling property market that have been widely expected to weigh on the world's second-largest economy.
* JAPAN ECONOMY: Japan's industrial output rose less than expected in October, but companies forecast production to rise strongly in November and December as robust overseas demand continues to support factory activity and broader economic growth.
* STRIKES: Workers at Southern Copper Corp in Peru said they completed a ninth day of an indefinite strike on Wednesday.
* MARKETS: Asian shares fell on Thursday, weighed down by a plunge in high-flying technology shares, a move that some see as a healthy correction after a strong rally but others believe may herald the peak of a "super cycle" that has been boosting the sector.
DATA/EVENTS 1000 Euro zone Inflation Nov 1000 Euro zone Unemployment rate Nov 1330 U.S. Weekly jobless claims 1330 U.S. Personal income Oct 1445 U.S. Chicago PMI Nov
BASE METALS PRICES 0147 GMT Three month LME copper 6753 Most active ShFE copper 52690 Three month LME aluminum 2054 Most active ShFE aluminum 14505 Three month LME zinc 3131 Most active ShFE zinc 24760 Three month LME lead 2434.5 Most active ShFE lead 18220 Three month LME nickel 11370 Most active ShFE nickel 91650 Three month LME tin 0 Most active ShFE tin 142370
BASE METALS ARBITRAGE
LME/SHFE COPPER LMESHFCUc3 583.7 LME/SHFE ALUMINIUM LMESHFALc3 -1243.06 LME/SHFE ZINC LMESHFZNc3 212.66 LME/SHFE LEAD LMESHFPBc3 -1132.72 LME/SHFE NICKEL LMESHFNIc3 2561.72
($1 = 6.6067 Chinese yuan)
(Reporting by Melanie Burton; Editing by Sherry Jacob-Phillips and Christian Schmollinger)