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METALS-London copper hovers below two-year top as global growth supports

MELBOURNE, Aug 1 (Reuters) - London copper consolidated on Tuesday after hitting its highest since May 2015 in the previous session, as profit taking capped a rally spurred by a weaker dollar and solid global growth reports.

FUNDAMENTALS

* LME COPPER: Three-month copper on the London Metal Exchange slipped by 0.1 percent to $6,361 a tonne by 0023 GMT, after modest gains in the previous session when prices reached $6,430 a tonne, the highest since May 2015.

* SHFE COPPER: Shanghai Futures Exchange copper slipped by 0.3 percent to 50,180 yuan ($7,463) a tonne having hit its highest since February in the previous session.

* US ECONOMY: Contracts to buy previously owned U.S. homes rebounded in June after three straight monthly declines, but the housing market remained constrained by a shortage of properties available for sale.

* USD: The U.S. dollar hit a more than 2-1/2-year low against the euro on Monday on month-end portfolio adjustments and expectations for a more hawkish European Central Bank, and touched a more than six-week low against the yen.

* CHINA ECONOMY: Growth in China's manufacturing sector cooled slightly in July as foreign demand for Chinese goods slackened, but a government-led infrastructure push kept construction humming.

* CHINA CENTRAL BANK: China's central bank will continue to force financial institutions to cut debt but ensure the process is smooth and orderly to limit its impact on market liquidity, an assistant central bank governor said. NICKEL: Russia's Norilsk Nickel (Nornickel) the world's second-largest nickel producer said its output was down 15 percent on a year-on-year basis at 49,418 tonnes in April-June.

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MARKETS NEWS

* Asian shares ticked up in early Tuesday trade as investors looked to a barrage of economic data around the world to confirm recent signs the global economy is in robust health with inflation staying well contained

DATA/EVENTS

0900 Euro Zone GDP Flash Q2 1230 U.S. Personal consump Real June 1255 U.S. Redbook weekly 1400 U.S. ISM Manufacturing PMI July 1430 U.S. Texas Serv Sect Outlook July 1930 U.S. Domestic Car, Truck Sales July

PR

BASE METALS PRICES 0122 GMT Three month LME copper 6361 Most active ShFE copper 50200 Three month LME aluminium 1915.5 Most active ShFE aluminium 14435 Three month LME zinc 2781.5 Most active ShFE zinc 23100 Three month LME lead 2315.5 Most active ShFE lead 18215 Three month LME nickel 10110 Most active ShFE nickel 81850 Three month LME tin 0 Most active ShFE tin 148390

BASE METALS ARBITRAGE

LME/SHFE COPPER LMESHFCUc3 349.07 LME/SHFE ALUMINIUM LMESHFALc3 -505.18 LME/SHFE ZINC LMESHFZNc3 854.68 LME/SHFE LEAD LMESHFPBc3 -626.06 LME/SHFE NICKEL LMESHFNIc3 2473.51

($1 = 6.7240 Chinese yuan renminbi)

(Reporting by Melanie Burton; Editing by Richard Pullin)