* LME/ShFE arb: bit.ly/2wZSAEz
* GRAPHIC-2017 asset returns: tmsnrt.rs/2jvdmXl (Recasts, adds closing prices/details)
By Maytaal Angel
LONDON, Dec 22 (Reuters) - Copper hit a two-month high in thin pre-holiday trading on Friday, closing out the week with gains of more than 3 percent on signs of strong growth globally, while aluminium hit a seven-week peak on falling output in top producer China.
Ahead of the two-day Christmas break, three-month copper on the London Metal Exchange closed up 0.5 percent at $7,124 a tonne, having touched its highest in more than two months at $7,129.50.
"There's been stronger-than-expected (property) data out of China, we've seen some good data (from) the U.S. property market, plus tax reform (was passed by the U.S. Congress)," said Carsten Menke, head of commodities research at Julius Baer.
But he also said: "I don't think $7,000 will hold as we move into 2018. The latest data for China's property market was positive, but the trend since June, July is down. We should get softening demand for metals despite a solid global economy."
* U.S. ECONOMY: U.S. consumer spending accelerated in November and shipments of key capital goods orders increased for the 10th straight month, the latest signs of strong momentum in the economy as the year winds down.
* COPPER MARKET BALANCE: The global world refined copper market showed a 132,000 tonnes deficit in September, against a 94,000 tonne surplus in August, the International Copper Study Group (ICSG) said in its latest monthly bulletin.
* ALUMINIUM: Aluminium closed up 2.1 percent at $2,192 a tonne, having hit its highest since Nov. 1 at $2,204.
* ALUMINIUM PREMIUMS: Japanese aluminium buyers have agreed to pay producers a premium of $103 per tonne for metal shipped in the January-March quarter, reflecting higher spot premiums, five sources told Reuters.
* CHINA PRODUCTION: Wednesday's data from the International Aluminium Institute showed daily average aluminium output in China fell to 78,300 tonnes in November against 82,100 tonnes in October.
* ALUMINIUM STOCKS: Limiting gains in aluminium, stocks of the metal in warehouses monitored by the Shanghai Futures Exchange are at a record 741,324 tonnes, suggesting surpluses, analysts say. AL-STX-SGH
* TECK: Canadian miner Teck Resources and the union representing 105 workers at its Quebrada Blanca copper mine in Chile said on Thursday they had reached a new wage agreement, ending an eight-day strike.
* COLUMN: Blue skies, green cars and a year of revolution for industrial metals: Andy Home.
* OTHER METALS: Zinc closed up 0.7 percent at $3,265, having hit its highest since Nov. 1, lead closed down 0.6 percent at $2,490, tin closed up 0.9 percent at $19,530 while nickel was ended 0.5 percent at $12,130, having hit its highest since mid-November.
Additional reporting by Tom Daly; Editing by David Evans and Jane Merriman