Nov 17 (Reuters) - Shanghai aluminium prices dropped almost 4% on Wednesday to their lowest in nearly six months, hit by China's weak property data and rising warehouse inventories.

The most-traded January aluminium contract on the Shanghai Futures Exchange declined as much as 3.7% to 18,280 yuan ($2,862.69) a tonne, its lowest since May 26.

Stockpiles of the metal, widely used in construction, transport and the making of consumer goods, rose to their highest since June 4 at 307,779 tonnes in ShFE warehouses.

Trading inventories of the metal in China hit a six-month high of 1 million tonnes.

China's property crisis worsened on all fronts in October amid deeper contractions in construction starts and investment by developers, data showed this week.

A liquidity crisis triggered by debt worries at property giant China Evergrande Group has weighed on investor sentiment towards the vast real estate sector.

"The real estate sector land transaction is relatively sluggish, causing a drag on non-ferrous metal-related products," said Hutatai Futures in a report.

Power restrictions during China's heating season might further restrict aluminium output, but potentially weak consumption from the real estate sector and from the automobile industry due to chip shortage could weigh on prices, it said.

Three-month aluminium on the London Metal Exchange, however, rose 0.8% to $2,594.50 a tonne by 0704 GMT, supported by a decline in LME warehouse inventories to a two-year low of 959,975 tonnes.

LME cash aluminium flipped to a premium, of $5.90 a tonne, over the three-month contract for the first time since Sept. 2, indicating tightening nearby supplies.

FUNDAMENTALS

* Trafigura's chief executive warned of significant deficits for cobalt, nickel and copper as global demand rises.

* LME copper dipped 0.1% to $9,553.50 a tonne, nickel advanced 0.5% to $19,485 a tonne and lead fell 0.7% to $2,291 a tonne.

* ShFE copper declined 1% to 70,140 yuan a tonne, nickel shed 0.9% to 143,020 yuan a tonne and lead lost 1.8% to 14,995 yuan a tonne.

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($1 = 6.3856 yuan) (Reporting by Mai Nguyen in Hanoi; Editing by Subhranshu Sahu and Uttaresh.V)