BEIJING, Jan 31 (Reuters) - Most base metals rose on Thursday after the U.S. Federal Reserve said it would be patient with interest rate hikes, although a second straight monthly contraction in manufacturing activity in top metals consumer China capped gains. Lower interest rates tend to push commodity prices higher because they mean lower inventory financing costs. Zinc, used to galvanise steel, hit its highest since October in London, while nickel advanced for a third day -- and a sixth session in seven -- as fears grew that the disaster at Vale's iron ore mine in Brazil will impact other metals. "Vale is one of the world's largest nickel producers, and there are increasing concerns that the company may be forced to close its Brazil nickel operations as it undertakes an environmental audit," ANZ wrote in a note. Nickel is on track to rise more than 15 percent in January, the most in the base metals complex, as inventories hover just above their lowest since 2013 MNISTX-TOTAL, followed by zinc. FUNDAMENTALS * ZINC: Three-month zinc on the London Metal Exchange zinc rose as much as 0.9 percent to $2,710, the highest since Oct. 24. * COPPER: LME copper climbed 0.3 percent to $6,152 a tonne as of 0440 GMT, while the most-traded contract on the Shanghai Futures Exchange closed up 0.7 percent at 48,090 yuan ($7,179.97). * JIANGXI: Shares in China's Jiangxi Copper Co rose as much as 5.3 percent to their highest since August after the company said it expects its 2018 profit to increase by 50 percent. * USD: The dollar index was down 0.2 percent at 95.17 and near a three-week low, after falling 0.43 percent overnight. * CHINA: The official Purchasing Managers' Index (PMI) for January ticked up fractionally to 49.5, but remained below the 50-point level that separates growth from contraction on a monthly basis. * NICKEL: Russia's Norilsk Nickel, which vies with Vale to be the world's top nickel producer, plans to boost nickel output to 220,000-225,000 tonnes this year. * ALUMINIUM: London aluminium edged up 0.2 percent to $1,914 a tonne and is heading for its best month since April, when prices spiked on the now-withdrawn U.S. sanctions on Rusal.