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METALS-Aluminium retreats after overnight gain

SYDNEY, July 7 (Reuters) - Aluminum retreated in early Asian trading on Friday after a positive showing overnight, with investors focusing on robust global supply.

"We are concerned that the buy-side may be too optimistic on the prospects for aluminum and alumina markets to tighten from winter-output restrictions in China from the fourth quarter," UBS said in a note. "We think the shuts will be enforced but there is capacity elsewhere & inventory to buffer the impact."

Aluminum prices had climbed to more than five-week highs on Thursday on the London Metal Exchange as worries about supply from top producer China escalated on market talk that local smelters would be forced to shut capacity.

FUNDAMENTALS

* ALUMNINIUM: Three month LME aluminum fell $4, or 0.2 percent, to $1,944 a tonne by 0100 GMT. The most traded aluminum contract on the Shanghai futures Exchange was 0.3 percent lower at 14,195 yuan ($2,087.81) per tonne.

* AUSTRALIA EXPORTS: Australia has revised down the value of its resources and energy export earnings in the year to end-June 2017 by 4.6 percent, or nearly A$10 billion ($7.6 billion), due largely to falling prices for iron ore, its most valuable export.

* PHILIPPINES' RESTRICTION GOES: The Philippines' new environment minister has lifted a restriction on issuing environmental permits to projects, including mine exploration and development, reversing a previous order by his controversial predecessor dismissed in May.

* TIN STUCK: A large price premium for the cash tin contract over the three-month forward on the London Metal Exchange should theoretically attract large amounts of metal to LME approved warehouses.

* CHINA DATA: Clues to the strength of base metals demand in China, which accounts for about half of global consumption, will come from industrial production, investment, loans and property market data over coming days.

* COPPER: Three-month LME was down 0.2 percent at $5,840 a tonne. ShFE copper was mostly flat at 46,820 yuan a tonne

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MARKETS NEWS

* The dollar was steady in early Asian trading on Friday, on track for weekly gains but likely to tread water throughout the day as investors braced for monthly U.S. employment data later in the global session after downbeat jobs figures overnight.

DATA AHEAD (GMT)

0600 Germany Industrial output May 0645 France Industrial output May 0645 France Trade balance May 0830 Britain Industrial output May 1230 U.S. Nonfarm payrolls Jun 1230 U.S. Unemployment rate Jun

PRICES

Three month LME copper

Most active ShFE copper

Three month LME aluminum

Most active ShFE aluminum

Three month LME zinc

Most active ShFE zinc

Three month LME lead

Most active ShFE lead

Three month LME nickel

Most active ShFE nickel

Three month LME tin

Most active ShFE tin

ARBS ($1 = 6.7990 Chinese yuan renminbi)

(Reporting by James Regan; Editing by Richard Pullin)