* Nickel retreats after rising 3.1 pct on Monday
* LME/ShFE arb: http://bit.ly/2wZSAEz
* GRAPHIC-2017 asset returns: http://tmsnrt.rs/2jvdmXl (Updates prices)
LONDON, Nov 14 (Reuters) - Nickel fell more than 5 percent on Tuesday, leading a broad-based pullback in base metals prices after weaker than expected economic data from top raw materials consumer China sparked concerns over demand.
Nickel, chiefly used in stainless steel, is still correcting from a surge to two-year highs this month on hopes for a bounce in demand for electric vehicles.
"The Chinese data out earlier today was broadly speaking negative. They paint a view of the Chinese economy where growth looks to be slowing," Danske Bank analyst Jens Pedersen said.
"The way we see China here in the big picture is for credit tightening, which is feeding through to the real economy, and that will mean lower demand for base metals."
Nickel, which has risen nearly a quarter this year, could be due a deeper correction, he said. "We are still at elevated levels, so in the short term, nickel is perhaps more sensitive to negative news."
* NICKEL PRICES: Three-month nickel on the London Metal Exchange was down 5.3 percent at $11,825 a tonne at 1510 GMT, having touched a two-week low of $11,785. Earlier this month it hit its highest since June 2015 at $13,030.
* CHINA COOLS: The economy in China cooled further last month, with industrial output, fixed asset investment and retail sales missing expectations as the government extended a crackdown on debt risks and factory pollution.
* U.S. INFLATION: U.S. producer prices rose more than expected in October, with data showing the biggest annual increase in wholesale inflation in over 5-1/2 years. The numbers are seen supporting expectations for the Federal Reserve to raise interest rates in December.
* LME COPPER: LME three-month copper was down 1.9 percent at $6,765 a tonne.
* FREEPORT-MCMORAN: The Indonesian unit of Freeport-McMoRan Inc closed the main access road to its giant copper mine in the eastern province of Papua for the second time in three days after another shooting.
* ZINC PRICES: LME zinc was 2.7 percent lower at $3,125 a tonne.
* OTHER METALS: LME tin was down 1.1 percent at $19,295 a tonne, lead was off 2.3 percent at $2,464.50 and aluminium 1.1 percent lower at $2,085.50 a tonne.
* ALUMINIUM STOCKS: Stocks of aluminium in LME-registered warehouses <MALSTX-TOTAL> fell another 4,050 tonnes, data showed, taking them to their lowest in nine years at 1.165 million tonnes.
* ALUMINIUM TECHNICALS: LME aluminium may retest support at $2,081 per tonne, the 214.6 percent Fibonacci projection level of an upward wave C. The bounce from the Nov. 9 low of $2,078 is classified as a pullback towards the neckline of a double-top, which suggests a target around $2,046.
(Additional reporting by James Regan in Sydney; editing by Jason Neely and David Evans)