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METALS-Some investors take profits in metals as year-end looms

(Adds comment, detail; updates prices) MELBOURNE, Dec 19 (Reuters) - London metal prices eased on Tuesday, with traders booking profits on recent gains that were fuelled by a rosier demand outlook after data for last month showed resilience in global manufacturing. The World Bank on Tuesday raised its forecast for China's economic growth in 2017 to 6.8 percent from the 6.7 percent it projected in October, as personal consumption and foreign trade supported growth. "Investors in industrial commodities will be keeping an eye on any guidance from Chinese authorities as to economic growth targets for 2018," ANZ said in a report.

FUNDAMENTALS

* NICKEL: London Metal Exchange (LME) nickel had slipped 1.2 percent to $11,690 a tonne by 0520 GMT, rolling back some of the 2.2-percent gains from the previous session, when prices hit their highest since Nov. 27. Prices rallied through the 100-day moving average on Monday after China cut duties on some steel exports, pushing investors to close short positions ahead of the holiday.

* COPPER: LME copper drifted 0.3 percent to $6,884 a tonne, erasing small gains from the session before, when it struck its highest since Nov. 28 at $6,934 a tonne. Shanghai Futures Exchange copper traded down 0.1 percent at 53,430 yuan ($8,077) a tonne.

* CHINA WASTE: China has imposed tougher restrictions on waste imports, the Ministry of Environmental Protection said in a statement issued on Monday, a move that will curb scrap copper imports.

* U.S. TAX: The Republican-controlled U.S. Congress appeared all but certain to pass sweeping tax legislation this week after two Senate Republican holdouts agreed on Monday to support a tax overhaul backed by President Donald Trump.

* MARKETS: Asian stocks advanced on Tuesday after a record-setting session on Wall Street on bets that U.S. lawmakers would pass the tax overhaul, while the dollar sagged as traders were less sanguine about the bill's economic impact.

* LEAD: Reflecting a shortfall in supply into year-end, front-month LME lead prices surged to a $23.50 premium against the three month contract <CMPB0-3>, the most since May, which may trigger more deliveries into exchange warehouses. There's a single warrant holder with between 50-80 percent of LME stocks <0#LME-WHL>, which means LME lending guidance will be in play.

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PRICES

BASE METALS PRICES 0531 gmt Three month LME copper 6877 Most active ShFE 53420

copper

Three month LME 2069

aluminium

Most active ShFE 14460

aluminium

Three month LME zinc 3179.5 Most active ShFE zinc 25335 Three month LME lead 2546 Most active ShFE lead 19325 Three month LME nickel 11670 Most active ShFE 94250

nickel

Three month LME tin 19280 Most active ShFE tin 137550

BASE METALS ARBITRAGE

LME/SHFE COPPER LMESHFCUc3 385.02 LME/SHFE ALUMINIUM LMESHFALc3 -1427.

9

LME/SHFE ZINC LMESHFZNc3 411.29 LME/SHFE LEAD LMESHFPBc3 -1015.

26

LME/SHFE NICKEL LMESHFNIc3 3130.8

5

($1 = 6.6150 Chinese yuan renminbi)

(Reporting by Melanie Burton; Editing by Joseph Radford)