News: ORI METALS-London copper falls, traders cut risk as China growth slows

HONG KONG, May 16 (Reuters) - London copper fell on Tuesday as worries about China's slowing economic growth and tighter capital markets in the world's top metals consumer triggered a wave of risk-off selling in metals.

FUNDAMENTALS

• London Metal Exchange CMCU3 copper fell by 0.6 percent to $5,580 a tonne by 0230 GMT, paring gains from the previous session.
• LME zinc CMZN3 and lead CMPB3 also fell more than 1 percent, and were trading near their lowest for the year, having recently broken below the 200-day moving averages in both cases, sending a sell signal to chart-following funds.
• Shanghai Futures Exchange copper SCFcv1 traded flat at 45,220 yuan ($6,561) a tonne. Shfe zinc Szncv1 and Shanghai l ead SPBcv1 fell 1.2 and 1.7 percent respectively.
• China's growth took a step back in April after a surprisingly strong start to the year, as factory output to investment to retail sales all tapered off as authorities clamped down on debt risks in an effort to stave off a potentially damaging hit to the economy.
• China's property resale market cooled a notch in April due to intensified government curbs, but chances are slim that prices would fall across the board as housing supply remains short, a top state think-tank said on Monday.
• A private gauge of U.S. home builder sentiment unexpectedly rose in May to its second strongest level since the housing bust nearly a decade ago, as the existing supply of homes remained tight.
• Activist investor Elliott Management upped the pressure for strategic changes at BHP (BHP), on Tuesday, calling for an independent review of the mining giant's petroleum business.
• Orica Ltd (ORI), the world's No. 1 explosives maker, beat forecasts on Tuesday with a 2.7 percent rise in its half-year underlying profit, helped by cost cuts and higher sales, and said demand from its mining customers was improving.

• For the top stories in metals and other news, click [TOP/MTL] or [MET/L]

  MARKETS NEWS

• Asian stocks are set to rise in opening trade on Tuesday following overnight gains on Wall Street, while oil is set to extend a week-long rally after major producers Saudi Arabia and Russia said supply cuts needed to continue into 2018. [MKTS/GLOB]

  DATA/EVENTS 0830 UK CPI Apr 0830 UK PPI Apr 0900 Euro Zone GDP(revised) Q1 0900 Germany Economic sentiment May 0900 Euro Zone Trade data Mar 1230 US Housing starts Apr 1315 US Industrial output Apr PRICES Three month LME copper CMCU3 Most active ShFE copper SCFcv1 Three month LME aluminium CMAL3 Most active ShFE aluminium SAFcv1 Three month LME zinc CMZN3 Most active ShFE zinc SZNcv1 Three month LME lead CMPB3 Most active ShFE lead SPBcv1 Three month LME nickel CMNI3 Most active ShFE nickel SNIcv1 Three month LME tin CMSN3 Most active ShFE tin SSNcv1

  ARBS LMESHFCUc3 LMESHFALc3 LMESHFZNc3 LMESHFPBc3 LMESHFNIc3

($1 = 6.8921 Chinese yuan renminbi)

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