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METALS-Copper near two-week high, China data supports

* LME/ShFE arb: http://bit.ly/2wZSAEz

* GRAPHIC-2017 asset returns: http://tmsnrt.rs/2jvdmXl (Recasts, updates prices, changes dateline, adds details/quote)

LONDON, Dec 14 (Reuters) - Copper hit a near two-week high on Thursday on global growth hopes following upbeat manufacturing reports from top metals consumer China, and as a weaker dollar also lent support.

China's fixed-asset investment growth slowed to 7.2 percent in the January-November period, while industrial output expanded at a faster pace than markets had expected.

The dollar meanwhile held at more than one-week lows after the U.S. Federal Reserve on Wednesday raised rates as widely expected but kept its economic forecasts unchanged, disappointing investors.

A weak dollar makes dollar-priced metals cheaper for non-U.S. investors.

In a surprise move following on from the Fed, China's central bank lifted money market rates on Thursday in a bid to defuse financial risks without damaging the economy.

"In a rising rate cycle, copper rallies because regardless of currency moves you're talking about an improving economic outlook. Also, you still have (copper) supply risks in the headlines," said Alastair Munro at broker Marex Spectron.

* COPPER PRICE: London Metal Exchange copper rose 0.5 percent to $6,762 a tonne by 1207 GMT, having earlier hit the highest since Dec. 4 at $6,847. Copper's chart picture has improved, having closed above the 100-day moving average.

* ALUMINIUM: China's primary aluminum production fell for a fifth consecutive month in November, official data showed, as the country's winter restrictions on smelters pushed output to its lowest since February 2015.

* ALUMINIUM PRICE: Aluminium rose 1.4 percent to $2,036, the strongest gainer in the LME metals suit.

* JAPAN MANUFACTURING: Japanese manufacturing activity expanded at the fastest pace in almost four years in December.

* ALUMINIUM M&A: Liberty House, the UK-based industrial and commodities group, is considering a bid for Rio Tinto's , aluminum smelter in northern France, the largest in Europe.

* MARKETS: European shares and the euro dipped as cautious comments on inflation from the U.S. Federal Reserve gave investors reason to pause ahead of a series of central bank decisions in Europe.

* COPPER OUTPUT: Zambia's 2017 copper output is expected to increase to 800,000 to 850,000 tonnes from 774,290 tonnes in the last year, mines minister Christopher Yaluma said..

* TIN PRICE: Tin dipped 0.1 percent to $18,780, having slid to a six-month low after breaking through key chart support.

(Additional reporting by Melanie Burton, editing by David Evans)