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METALS-London copper drifts in holiday-thinned trade

MELBOURNE, May 30 (Reuters) - London copper drifted on Tuesday after a long weekend, as markets awaited top consumer China to resume trading later this week when its factory data is also due for the next directional cues.

FUNDAMENTALS

* London Metal Exchange was down 0.4 percent at $5,637.5 a tonne by 0226 GMT, as trade resumed after a long weekend.

* Volumes were very thin, with less than 400 lots of turnover across the contracts.

* The Shanghai Futures Exchange was closed for its Dragon Boat Festival and will reopen on Wednesday.

* Factory activity in China is expected to have grown at its slowest pace in eight months, a Reuters poll showed, as previous stimulus fades and policymakers focus on tackling rising debt - a sign the cool down in manufacturing will persist through 2017.

* Euro zone growth may be improving but inflation remains subdued and still requires substantial stimulus, European Central Bank President Mario Draghi said on Monday, tempering expectations for the bank's June 8 policy meeting.

* Companies have stepped up their requests for engineers and other positions at early stage mining projects in Chile, a local recruiter said on Monday, in a further sign of activity warming up in the industry.

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MARKETS NEWS

* The euro came under pressure on Tuesday after a media report that Greece may forego its next bailout payment if creditors cannot strike a debt relief deal, while Asian stocks were shackled by holidays in some regional markets and the United States and UK.

DATA AHEAD (GMT) 0530 France Detailed GDP Q1 0600 Germany Import prices April 0645 France Consumer confidence May 0645 France Consumer spending April 0900 Euro zone Business climate May 1200 Germany Consumer prices May 1230 U.S. Personal income April 1300 U.S. S&P/Case-Shiller housing index March 1400 U.S. Consumer confidence May PRICES

BASE METALS PRICES 0200 GMT Three month LME copper 5642 Most active ShFE copper 0 Three month LME aluminum 1951 Most active ShFE aluminum 0 Three month LME zinc 2642 Most active ShFE zinc 0 Three month LME lead 2121.5 Most active ShFE lead 0 Three month LME nickel 0 Most active ShFE nickel 0 Three month LME tin 0 Most active ShFE tin 0

BASE METALS ARBITRAGE

LME/SHFE COPPER LMESHFCUc3 0 LME/SHFE ALUMINIUM LMESHFALc3 0 LME/SHFE ZINC LMESHFZNc3 0 LME/SHFE LEAD LMESHFPBc3 -1532.45 LME/SHFE NICKEL LMESHFNIc3 1584.22

(Reporting by Melanie Burton; Editing by Sherry Jacob-Phillips)