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METALS-Shanghai aluminium prices climb after China GDP boost

BEIJING, Jan 19 (Reuters) - Shanghai aluminium prices rose on Friday, buoyed by the first acceleration in China's GDP growth in seven years, even as the country's output of the metal posted a surprise jump for December. FUNDAMENTALS

* SHFE ALUMINIUM: The most-traded aluminium contract on the Shanghai Futures Exchange (ShFE) was up 1 percent at 14,770 yuan ($2,307.56) a tonne at 0202 GMT, but still on course for a weekly drop of 2.3 percent.

* LME ALUMINIUM: In London, three month aluminium edged down 0.2 percent to $2,236 a tonne, after ending up 2.2 percent in the previous session.

* CHINA: China's economy grew faster than expected in the fourth quarter of 2017, as an export recovery helped the country post its first annual acceleration in growth in seven years, defying concerns that intensifying curbs on industry and credit would hurt expansion.

* ALUMINIUM: China's aluminium production rebounded in December to its highest since June, reversing five months of declines and lifting 2017 output to a record.

COPPER: The most-traded March copper contract in Shanghai was up 0.2 percent at 53,770 a yuan a tonne. Three-month London copper rose 0.4 percent to $7,108.50 a tonne, building on Thursday's gain of 0.6 percent, after a force majeure in Mongolia.

* MONGOLIA: The Oyu Tolgoi copper-gold mine in Mongolia's southern Gobi Desert declared force majeure after protests by Chinese coal haulers disrupted deliveries near the border, said majority owner Turquoise Hill.

* LEAD: Lead was the biggest gainer among base metals on the ShFE, rising 1.3 percent to 19,485 yuan a tonne on concerns about air quality and more output restrictions in the key production hub of Jiyuan in Henan province.

* ZINC: Rising supplies of zinc over the next couple of years are unlikely to replenish dwindling inventories to the extent that the market stops fretting about shortages and driving up prices towards the peaks seen in 2007.

* NICKEL: The global nickel market deficit narrowed to 8,400 tonnes in November from 11,500 tonnes in the previous month, the International Nickel Study Group said on Thursday.

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MARKETS NEWS Asia stocks edged higher on Friday and were within reach of record highs, although losses on Wall Street slowed the advance, while worries over a possible U.S. government shutdown weighed on the dollar.

DATA AHEAD (GMT)

0700 Germany Producer prices Dec

0900 Euro zone Current account Nov

1500 U.S. Univ of Michigan sentiment index Jan

PRICES

BASE METALS PRICES 0202 GMT Three month LME copper 7108.5 Most active ShFE copper 53770 Three month LME aluminium 2236 Most active ShFE aluminium 14770 Three month LME zinc 3395 Most active ShFE zinc 26035 Three month LME lead 2598 Most active ShFE lead 19485 Three month LME nickel 12515 Most active ShFE nickel 96930 Three month LME tin 20455 Most active ShFE tin 144570

BASE METALS ARBITRAGE

LME/SHFE COPPER LMESHFCUc3 685.29 LME/SHFE ALUMINIUM LMESHFALc3 -1848.11 LME/SHFE ZINC LMESHFZNc3 337.11 LME/SHFE LEAD LMESHFPBc3 -605.97 LME/SHFE NICKEL LMESHFNIc3 2107.53

($1 = 6.4007 Chinese yuan renminbi)

(Reporting by Tom Daly; Editing by Joseph Radford)