METALS-Copper prices ease as stock market momentum stalls

* Equities turn lower after run of record highs

* GRAPHIC-2017 asset returns: http://tmsnrt.rs/2jvdmXl

* LME/ShFE arb: http://bit.ly/2wZSAEz

(Updates prices) LONDON, Oct 25 (Reuters) - Copper snapped two days of gains to edge lower on Wednesday as stock markets steadied after a series of record highs, pointing to a more cautious mood among investors. The metal hit a three-year high of $7,177 a tonne earlier in October and moved back above $7,000 an ounce this week, but has struggled to maintain momentum as confidence in the broader economy lost steam. "We had some very good economic data, equity markets at record highs, (and) bond yields moving higher on the back of Trump's proposed tax cuts, so the funds jumped in and used copper to express a positive macro view," Societe Generale analyst Robin Bhar said. "That took copper above fundamentally justified levels." "It's going to continue to meet resistance around $7,000 and above and get rebuffed, but there will be dip buying by other specs and investors keeping it pretty stable," he added.

* LME COPPER: Three-month copper on the London Metal

Exchange was down 0.4 percent at $7,005.50 at 1510 GMT. * U.S. EQUITIES: Wall Street stocks fell after a barrage of

lacklustre earnings reports from companies including AT&T and Dow component Boeing weighed. The declines come after the Dow closed at another record high on Tuesday.

* COPPER DEFICIT: The copper market should see a deficit of 151,000 tonnes this year and a deficit of 104,000 tonnes in 2018, the International Copper Study Group (ICSG) said on Tuesday.

* CHINA: A private coal mining industry investor in Shanxi province is said to be the main actor behind a dramatic increase in bullish bets in Chinese copper futures.

* TECHNICAL ANALYSIS: A break below $7,009 could cause a loss into the range of $6,924-$6,944, according to Reuters technical analyst Wang Tao.

* ZINC BACKWARDATION: The premium of cash zinc over the three-month contract <MZN0-3> rose to $68.50, climbing back towards the 10-year high of $91 a tonne it hit two weeks ago. That may indicate shortages in immediately available supply.

* ZINC, LEAD PRICES: LME zinc was at $3,180.50 a

tonne, up 0.1 percent, while lead was 0.1 percent lower

at $2,465.50 a tonne.

* NICKEL DEMAND: Growing demand from battery-makers will exacerbate "the predicted structural shortage of nickel between now and 2025," research house Wood Mackenzie said.

* OTHER METALS: LME nickel was down 1 percent at $11,870 a tonne, while aluminium was 0.6 percent higher at

$2,168.50 a tonne. Tin was down 0.4 percent at $19,695 a

tonne, off an earlier 10-week low of $19,500 a tonne.

(Additional reporting by Melanie Burton in Melbourne, Tom Daly in Beijing, editing by David Evans)