(Adds comment, detail, updates prices) MELBOURNE, Aug 1 (Reuters) - London copper consolidated on Tuesday after hitting a more than two-year high in the previous session, as profit taking capped a rally spurred by a weaker dollar and solid global growth reports. "China's recent economic data has been strong, and indications of a continuation of the current fiscal/monetary policy setting through the second half points to a relatively healthy demand environment," Standard Chartered said in a report. "If the rebound in China's apparent refined demand growth in May-June is sustained through the second half, it could generate higher refined import volumes by the fourth quarter."
* LME COPPER: Three-month copper on the London Metal Exchange edged up by 0.1 percent to $6,378 a tonne by 0519 GMT, after ending with modest gains in the previous session, when prices reached $6,430 a tonne, the highest since May 2015.
* SHFE COPPER: Shanghai Futures Exchange copper traded flat at 50,360 yuan ($7,497) a tonne, having hit its highest since February in the previous session.
* INVESTOR BUYS: Open interest in the Shanghai copper contract surged by 20 percent as prices rose last week, signalling fresh buying by investors.
* 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.
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* 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.
Coming up: U.S. ISM Manufacturing PMI for July at 1400 GMT
BASE METALS PRICES 0536 GMT Three month LME copper 6376 Most active ShFE copper 50360 Three month LME aluminium 1916.5 Most active ShFE aluminium 14500 Three month LME zinc 2784.5 Most active ShFE zinc 23110 Three month LME lead 2315.5 Most active ShFE lead 18250 Three month LME nickel 10145 Most active ShFE nickel 82140 Three month LME tin 20630 Most active ShFE tin 148210
BASE METALS ARBITRAGE
LME/SHFE COPPER LMESHFCUc3 477.41 LME/SHFE ALUMINIUM LMESHFALc3 -418 LME/SHFE ZINC LMESHFZNc3 867.44 LME/SHFE LEAD LMESHFPBc3 -554.17 LME/SHFE NICKEL LMESHFNIc3 2412.93
($1 = 6.7240 Chinese yuan)
(Reporting by Melanie Burton; Editing by Richard Pullin and Amrutha Gayathri)