(Updates prices, adds comment, detail) BEIJING/MELBOURNE, Oct 25 (Reuters) - London copper fell back on Wednesday, after hitting its highest in a week in the previous session, as market participants said the recent rally was losing its legs and a correction was due. The "sheer weight of selling that materialised into $7,095-7,105 has for now taken the steam out of the rally although dips remain supported," said Matt France, head of institutional sales, metals, for Marex Spectron in Asia. The base metals complex was down across the board, mirroring
losses in the steel rebar and iron ore contracts .
* LME COPPER: Three-month copper on the London Metal
Exchange was down 0.76 percent at $6,982 a tonne, at
0727 GMT, after rising 0.5 percent in the previous session when it touched a one-week high.
* SHFE COPPER: The most-traded copper contract on the
Shanghai Futures Exchange closed down 1.28 percent on
54,590 yuan ($8,220.27) per tonne.
* SHFE LEAD: The most-traded SHFE lead futures contract closed down 2.06 percent at 19,025 per tonne.
* CHINA POLITICS: China's Communist Party revealed its new top leadership helmed by President Xi Jinping on Wednesday, breaking with recent precedent by failing to include a clear successor among the seven-man line-up.
* CHINA ECONOMY: China's economy will likely grow 6.8 percent in 2017, topping the state target and accelerating for the first time in seven years, a Reuters poll showed on Tuesday, as Beijing walks a tightrope by containing debt and property risks without stunting economic growth.
* U.S. DOLLAR: Metals faced some headwinds from the dollar which was close to a two-week high. The greenback gained on a report that Stanford University economist John Taylor could be picked to head the U.S. Federal Reserve. Taylor favors higher interest rates. A stronger dollar makes dollar denominated commodities more expensive for buyer paying for metals in other currencies.
* COPPER: 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.
* NICKEL: Nickel prices were supported after an industry group said demand would exceed supply for a third straight year in 2018 due to expansion in the stainless steel and batteries industries.
* PHILIPPINES: The Philippines' environment minister said he was hopeful that a ban on open-pit mining would be lifted before the end of the year.
* COPPER: 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.
* COPPER: Anglo American Plc reported a 5.4 percent year-on-year rise in copper production in the third quarter.
* NICKEL: Indonesia's PT Aneka Tambang Tbk (Antam) received a recommendation from the mining ministry for an additional 1.25 million tonnes of nickel ore exports over the next 12 months.
* COMING UP: U.S. durable goods Sep at 1230 GMT
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
($1 = 6.6409 Chinese yuan)
(Reporting by Melanie Burton and Tom Daly in BEIJING; Editing