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METALS-London copper buoyed near two-year peak after China data

MELBOURNE, July 31 (Reuters) - London copper rallied to within a whisker of its highest in more than two years on Monday after manufacturing data from top user China confirmed growth tempered slightly but stayed firm in July.

FUNDAMENTALS

* LME COPPER: London Metal Exchange copper had risen 1.1 percent to $6,399 a tonne by 0150 GMT, after ending flat on Friday. Prices earlier matched last week's peak since May 2015 at $6,400 a tonne.

* SHFE COPPER: Shanghai Futures Exchange copper climbed 0.6 percent to 50,470 yuan ($7,496.25) a tonne.

* SHFE NICKEL: SHFE nickel rallied 1.6 percent to 86,560 yuan a tonne as prices recover on ongoing concerns about supply from the Philippines, which has been cracking down on the mining sector.

* CHINA: Growth in China's manufacturing sector slowed marginally in July, but stayed firm. The official Purchasing Managers' Index (PMI) released on Monday stood at 51.4 in July, down from the previous month's 51.7 but still well above the 50-point mark that separates growth from contraction on a monthly basis.

* U.S. DOLLAR: The dollar struggled on Monday, wallowing near a 2-1/2-year low against the euro, weighed down by U.S. political uncertainty and uninspiring U.S. data that added to doubts about whether there will be another Federal Reserve rate hike this year.

* Chilean mining company Antofagasta could green-light a $1.1 billion revamp of its Los Pelambres copper mine in the first months of 2018, as rising copper prices buoy spirits in the sector, the company's CEO told Reuters on Friday.

* CHINA PPP: China's public-private partnership (PPP) project construction has entered the "fast lane" and will become a unified, standardised, transparent market, a government research office said.

* COPPER SPECULATORS: Hedge funds and money managers increased their net long position in COMEX copper in the week to July 25, U.S. Commodity Futures Trading Commission data showed on Friday.

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MARKETS NEWS

* Asian shares dipped on Monday following a lacklustre end to last week globally on some earnings disappointments, while the dollar edged up but remained capped by U.S. polit

DATA/EVENTS

0600 Germany Retail sales real Monthly

0600 Germany Retail sales real Yearly

0830 U.K. BOE Consumer credit June

0900 Eurozone Inflation July

0900 Eurozone Unemployment rate June

1345 U.S. Chicago PMI June

1400 U.S. Pending home sales index June

1400 U.S. Pending sales change June

1430 U.S. Dallas Fed mfg bus index July

PRICES

Three month LME copper

Most active ShFE copper

Three month LME aluminium

Most active ShFE aluminium

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 = 6.7327 Chinese yuan renminbi)

(Reporting by Melanie Burton; Editing by Joseph Radford)