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METALS-London copper drifts from near two-month top

MELBOURNE, Dec 21 (Reuters) - London copper slipped on Thursday from a near two-month high hit the session before on year end profit-taking, with prices supported by a softer dollar and a sturdy demand outlook from China. FUNDAMENTALS

* London Metal Exchange copper edged down by 0.2 percent to $7033.50 a tonne by 0154 GMT, as traders took profits after prices jumped to the highest in nearly two months at $7070.50 on Wednesday, when prices closed up 1.5 pct.

* OPEN INTEREST: Open interest in all major LME contracts has fallen this week, reflecting that traders are closing their positions ahead of year-end and suggesting short-covering has fueled copper's gains back above $7,000 this week. <MCU-OI-TOT>

* SHFE COPPER: Shanghai Futures Exchange copper held a 1 percent advance at 54,180 yuan ($8,263) a tonne. Open interest also fell.

* U.S. ECONOMY: The Republican-controlled U.S. House of Representatives gave final approval on Wednesday to the biggest overhaul of the U.S. tax code in 30 years, sending a sweeping $1.5 trillion tax bill to President Donald Trump for his signature.

* DOLLAR: The dollar held near a one-week high against the yen on Thursday, supported by a rise in U.S. bond yields, with moves limited ahead of a Bank of Japan policy decision and a news conference by the BOJ governor.

* STRIKES: Chilean miner Antofagasta Plc said on Wednesday it had reached a new wage agreement with unionized workers at its Centinela mine, defusing the risk of a strike amid a volatile labor landscape in the world's top copper-producing nation.

* NOBLE: Troubled commodity trader Noble Group on Thursday said it had obtained a waiver from creditors to extend covenants on a loan facility to May next year, giving it more time in its debt restructuring negotiations.

* CHINA: China will deepen structural reforms and curb risks to the country's financial system while maintaining steady economic growth in 2018, the official Xinhua news agency said on Wednesday, citing leaders at an economic planning meeting.

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MARKETS NEWS

* Asian markets offered a muted reaction on Thursday to the passage of U.S. tax cuts as benefits to company bottom lines were already baked into stock prices, while bonds were spooked by the blowout in government debt needed to fund the giveaways.

DATA/EVENTS 0745 France Business climate Dec 1330 U.S. GDP Final Q3 1330 U.S. Weekly jobless claims 1330 U.S. National activity index Nov 1330 U.S. Philly Fed business index Dec 1400 U.S. Monthly home price index Oct 1500 U.S. Leading index Nov 1500 U.S. Consumer confidence flash Dec PRICES

BASE METALS PRICES 0146 GMT Three month LME copper 7037 Most active ShFE copper 54210 Three month LME aluminum 2118.5 Most active ShFE 14645

aluminum

Three month LME zinc 3214.5 Most active ShFE zinc 25425 Three month LME lead 2510.5 Most active ShFE lead 19070 Three month LME nickel 11985 Most active ShFE nickel 95700 Three month LME tin 0 Most active ShFE tin 137710

BASE METALS ARBITRAGE

LME/SHFE COPPER LMESHFCUc3 406.9 LME/SHFE ALUMINIUM LMESHFALc3 -1464.33 LME/SHFE ZINC LMESHFZNc3 455.85 LME/SHFE LEAD LMESHFPBc3 -803.79 LME/SHFE NICKEL LMESHFNIc3 2594.72

($1 = 6.5568 Chinese yuan)

(Reporting by Melanie Burton; Editing by Sunil Nair)