BEIJING, Aug 27 (Reuters) - Shanghai base metal prices mostly rose on Monday, with zinc climbing for a sixth day and hitting a two-week high as inventories in China languish at their lowest in a decade. Zinc stocks in warehouses monitored by the Shanghai Futures Exchange ZN-STX-SGH fell 11.8 percent last week to 30,800 tonnes, their lowest since October 2007. Meanwhile, zinc inventories in warehouses approved by the London Metal Exchange have dropped for eight straight days. "Zinc fell a lot previously. This time the rebound will be more obvious," said Xu Maili, director of base metals research at Everbright Futures in Shanghai. ShFE zinc has lost 15 percent year-to-date, weighed down by concerns over global oversupply and fears the U.S-China trade row will hurt demand for industrial metals. The London Metal Exchange is closed on Monday for a public holiday. FUNDAMENTALS * ZINC: The most-traded zinc contract on the ShFE, for October, climbed as much as 2.2 percent to 21,385 yuan ($3,111.00) a tonne, its highest since Aug. 10, and was up 1.8 percent by the mid-session interval. Three-month LME zinc closed up 2.7 percent on Friday. * COPPER: ShFE copper was trading higher for a second day, rising 0.7 percent to 48,800 yuan a tonne. * LEAD, NICKEL: Zinc's sister metal lead added as much as 1.5 percent in Shanghai, touching its highest since July 30. Nickel was the lone laggard, falling as much as 1.7 percent to 107,910 yuan a tonne. * ALUMINIUM: ShFE aluminium gained as much as 0.9 percent to 14,865 yuan a tonne, its highest since Aug. 9, as Chinese smelters' costs rise. It then pared gains to 0.2 percent. * HONGQIAO: China Hongqiao Group, the world's biggest aluminium producer, reported a 21 percent jump in first-half net profit despite lower revenues as it avoided a repeat of hefty impairments seen a year earlier. * AUSTRALIA MINING: As Australia's big miners gear up for a new round of expansion after years of belt tightening, prices for everything from labour to fuel to equipment have begun to rise, driving up costs and eating into margins.