(Recasts with move in nickel market)
SINGAPORE, Nov 29 (Reuters) - Nickel prices in London and Shanghai lost more ground on Friday, with both markets poised for a fourth weekly decline on concerns over slowing Chinese demand.
Copper was little changed after shedding almost 1% in the last session, weighed down by deteriorating relations between the United States and China.
Asian markets slipped, leaving global shares just short of an all-time peak as investors turned cautious, fearing a new U.S. law backing Hong Kong protesters could torpedo efforts to end the U.S.-China trade war.
NICKEL: Three-month nickel on the London Metal Exchange (LME) has given up almost 5% this week, while prices in Shanghai have declined 3.5%.
LOSSES: London nickel has fallen nearly 17% in the past four weeks, while Shanghai nickel has shed 14%.
CONSUMPTION: The stainless steel ingredient has come under pressure from worries about demand from stainless steel mills, mostly located in China, which account for roughly two thirds of consumption estimated at about 2.4 million tonnes this year.
INVENTORIES: However, historically low inventories, at less than 70,000 tonnes, in LME-registered warehouses as well as canceled warrants -- metal earmarked for delivery -- at nearly 34% of total stocks are expected to support prices. <MNISTX-TOTAL> COPPER: LME prices were set to finish the week on a positive note but the market was unchanged on Friday, pressured by deteriorating U.S.-China relations.
PRICES: LME copper was down $1.5 at $5,890.50 a tonne, while the most-traded copper contract on the Shanghai Futures Exchange fell 0.3%, or 150 yuan, to 47,240 yuan ($6,711.28) a tonne.
RELATIONS: Tensions between Washington and Beijing over Hong Kong have raised doubts over an early resolution to the trade dispute between the world's two largest economies.
WARNING: China warned the United States on Thursday that it would take "firm counter measures" in response to U.S. legislation backing anti-government protesters in Hong Kong, and said attempts to interfere in the Chinese-ruled city were doomed to fail.
LEGISLATION: The U.S. legislation requires the State Department to certify that Hong Kong retains enough autonomy to justify favorable U.S. trading terms that have helped it to maintain its position as a world financial center.
LARGEST: Metal prices have come under pressure since the tariff dispute started last year because China is the world's largest consumer of industrial metals.
PMI: Markets are awaiting surveys of purchasing managers in China's manufacturing sector for clues to future demand. The data due next week is expected to show activity shrank for a seventh consecutive month in November.
Three month LME copper
Most active ShFE copper
Three month LME aluminum
Most active ShFE aluminum
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
ARBS ($1 = 7.0389 Chinese yuan) (Reporting by Naveen Thukral; Editing by Subhranshu Sahu)