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METALS-Zinc retreats after Chinese property market data

* LME/ShFE arb: http://tmsnrt.rs/2oQ5nm2

* Nickel hits highest levels in four months

* On-warrant zinc stocks nearly double since last week (Updates with closing prices)

LONDON, July 18 (Reuters) - Zinc prices fell back on Tuesday amidst profit-taking and producer selling, but copper and other base metals gained on worries about supply shortages.

Earlier in the session prices were weighed on by Chinese home price data pointing to a significant cooling in the country's biggest property markets, construction being a key market for industrial metals.

Zinc was also hit by another rise in so-called live inventories in London Metal Exchange (LME) warehouses, indicating that supplies were still available despite the closure of big mines.

"We're giving back a bit because we had a really strong day yesterday. I suspect there was some producer selling coming in on copper, zinc and possibly aluminium," said Robin Bhar, head of metals research at Societe Generale in London.

"But with supply issues dominating many of the metals, momentum is still on the upside and any dips should be well supported."

ZINC: Benchmark LME zinc closed down 0.8 percent at $2,794 a tonne after gaining 1 percent on Monday.

ZINC INVENTORIES: On-warrant stocks of zinc in LME-registered warehouses - those not earmarked for delivery and therefore available to investors - climbed 10,500 tonnes on Tuesday and have nearly doubled since last week. <MZNSTX-TOTAL>

The inflows reminded investors that hundreds of thousands of tonnes of "hidden" inventories were estimated to be in non-LME warehouses, but the current inflows were probably linked to the expiry of the LME July contract on Wednesday, Bhar said.

"We've seen big arrivals before when there are shorts electing to deliver," he said.

COPPER: Three-month LME copper finished up 0.2 percent at $6,007 a tonne, after climbing 1.2 percent in the previous session, when prices hit 4-1/2-month highs.

PERU QUAKE: An earthquake with a magnitude of 6.4 struck off the coast of major copper producer Peru on Monday, the U.S. Geological Survey said. Peru's civil defence institute Indeci said there was no risk of a tsunami and no immediate damage.

RIO TINTO: The mining company posted weaker second-quarter copper output, but reiterated its full-year production forecast. http://bit.ly/2uuCgeF

ALUMINIUM: LME aluminium ended 0.6 percent firmer at $1,931 a tonne as investors worried about an environmental crackdown in China to close polluting smelters.

PRICES: Nickel climbed 1.9 percent to close at a four-month high of $9,780, lead was bid down 1 percent to $2,274 and tin added 0.4 percent to $20,000.

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(Reporting by Eric Onstad; Editing by Adrian Croft, Greg Mahlich)