MELBOURNE, Aug 25 (Reuters) - London copper hung near a two-month low on Thursday on evidence of mounting supply, while nickel also weakened after lower shipments to China.
FUNDAMENTALS
* Three-month copper on the London Metal Exchange CMCU3 was trading flat at $4,631 a tonne at 0040 GMT, following 1.7-percent losses in the previous session when it fell to its weakest since July 24 at $4,622.50
* Shanghai Futures Exchange copper SCFcv1 had ended the overnight session down 2 percent at 36,100 yuan ($5,424) a tonne.
* LME copper stocks have jumped by 14,625 tonnes, the latest data showed, bringing total stocks above 250,000 tonnes for the first time since November 2015. Stocks have shot up by a fifth in the last week alone. MCUSTX-TOTAL
* Heavy losses were also seen in ShFE nickel SNIcv1 which fell 3.2 percent after China's imports slumped by 40 percent in July, and as fears fade over a wholesale halt to Philippine ore exports.
* U.S. home resales fell more than expected in July after four straight months of strong gains, as a lack of inventory limited choice for buyers, but further price rises suggested the housing market remained on solid ground. China took aggressive steps on Wednesday to head off signs of growing risks in its financial and banking system, unveiling detailed rules to curb an unruly peer-to-peer (P2P) lending sector and intervening in its money markets. Sundance Resources SDL.AX said on Thursday Australian police are investigating allegations that the company may have bribed politicians in Congo Republic to win permits to pursue a major iron ore project. Australia's South32 Ltd S32.AX , the world's biggest producer of manganese, reported a 76-percent drop in annual underlying profit, hit by weak metals prices, it said on Thursday. China's imports of nickel and zinc slumped on the month in July while its copper imports slipped by 3 percent, partially due to seasonal factors with many factories closing over the northern hemisphere summer. For the top stories in metals and other news, click
TOP/MTL or MET/L
MARKETS NEWS
* Asian stocks slipped on Thursday, taking their cue from an overnight drop on Wall Street, while the dollar marked time ahead of Friday's speech by Federal Reserve Chair Janet Yellen at the global central bankers' meeting. MKTS/GLOB
DATA/EVENTS
0800 Germany IFO business climate for August
1230 US Durable goods for July
1230 US initial jobless claims
1345 US Markit Comp Flash PMI for August
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
($1 = 6.6562 Chinese yuan renminbi)