MELBOURNE, Jan 31 (Reuters) - London metals shrugged off slightly softer-than-expected Chinese manufacturing data on Tuesday, marking time as markets waited for U.S. President Donald Trump's State of the Union address and the outcome of the Federal Reserve's two-day meeting.
* COPPER: London Metal Exchange copper traded flat at $7,054 a tonne by 0204 GMT in light volume following a 0.5 percent loss in the previous session when prices hit the lowest in nearly a week at $6,994 a tonne. Shanghai Futures Exchange copper slipped half a percent to 52,980 yuan ($8,373) a tonne.
* CHINA ECONOMY: Growth in China's manufacturing sector slowed more than expected in January in the face of a cooling property market and tighter pollution rules that have curtailed factory output. The official Purchasing Managers' Index (PMI) dipped to 51.3 in January, from 51.6 in December.
* JAPAN ECONOMY: Japan's industrial output grew in December at the fastest pace in eight months, and up for a third straight month, in a sign that its humming factories have likely driven economic expansion for an eighth consecutive quarter.
* USD: The dollar held steady against a basket of major rivals on Wednesday, as investors awaited the U.S. Federal Reserve's policy decision and U.S. President Donald Trump's State of the Union address.
* OTHER METALS: In other metals, nickel held steady after falling 3.3 percent on Tuesday on profit taking following last week's rally.
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* Asia stocks eased on Wednesday, pulling further back from record highs, as the recent rise in global bond yields weighed on equities.
DATA/EVENT AHEAD (GMT) 0700 Germany Retail sales Dec 0745 France Producer prices Dec 0900 Germany Unemployment rate Jan
1000 Euro zone Inflation flash Jan
1000 Euro zone Unemployment rate Dec 1315 U.S. ADP national employment Jan 1445 U.S. Chicago PMI Jan 1500 U.S. Pending homes sales Dec 1900 Federal Reserve releases statement after two-day policy meeting
BASE METALS PRICES 0206 GMT Three month LME copper 7052 Most active ShFE copper 52960 Three month LME aluminum 2220 Most active ShFE aluminum 14420 Three month LME zinc 3505.5 Most active ShFE zinc 26620 Three month LME lead 2590.5 Most active ShFE lead 19395 Three month LME nickel 13370 Most active ShFE nickel 101990 Three month LME tin 21690 Most active ShFE tin 149820
BASE METALS ARBITRAGE
LME/SHFE COPPER LMESHFCUc3 940.84 LME/SHFE ALUMINIUM LMESHFALc3 -1868.94 LME/SHFE ZINC LMESHFZNc3 351.23 LME/SHFE LEAD LMESHFPBc3 -379.24 LME/SHFE NICKEL LMESHFNIc3 2306.01
($1 = 6.3272 Chinese yuan renminbi)
(Reporting by Melanie Burton; editing by Richard Pullin)