MARKETS-METALS (UPDATE 4) * Macro data mixed in China, No. 1 base metals consumer * Choppy, thin trade ahead, economic outlook improving * Most industrial metals hit week highs * Coming Up: U.S. retail sales for May at 1230 GMT (Updates official prices, adds details) By Michael Taylor LONDON, June 11 (Reuters) - Copper reversed earlier losses to hit a one-week high on Friday as improving sentiment on economic growth supported prices, while investors mulled mixed data from top metals consumer China. Benchmark copper for three-month delivery on the London Metal Exchange traded at $6,493 a tonne, up from $6,410 at the close on Thursday and compared with a session high at $6,545. Prices rose as improving optimism on global economic growth boosted risk appetite, with European equities rising and the euro steady. China's consumer inflation accelerated to a 19-month high in the year to May, while industrial output and fixed-asset investment growth moderated, sending mixed signals about the temperature of the world's third-largest economy. "Copper and all the other metals are up for now, despite the fact that the Chinese economic data was mixed," said Gayle Berry, an analyst at Barclays Capital. "It's interesting that given how sensitive metals prices have been to macro data, that we're seeing prices up." On Thursday, data showed that China's copper imports were slightly below forecasts at around 397,000 tonnes, but analysts had expected a drop from April's 436,345 tonnes as measures to cool growth rates and slow property speculation took hold. Uncertainty regarding euro zone debt levels have helped push copper down about 17 percent this quarter. "There was an exaggerated, very pessimistic economic scenario that had been priced into the base metals," added Berry. "Now you're beginning to see some of those declines being reversed because the market has realised it had became overly pessimistic based on current fundamentals," she added. STOCKS FALLING Copper inventories were 1,400 tonnes lower at 465,000 tonnes -- down from 555,075 tonnes in mid-February, its highest level since October 2003. Aluminium traded at $1,963 a tonne in LME rings versus a quote at $1,949/$1,950 on Thursday. LME stocks for the metal, used in transport and packaging, fell 6,600 tonnes to 4.49 million tonnes, down from record highs above 4.6 million tonnes touched in late January. A large portion of those aluminium stocks are tied up in finance deals, to release cash for producers and to earn banks higher returns than they would get in money markets. Nickel stocks fell 852 tonnes to levels not seen since November at 133,794 tonnes. "The economic data, generally speaking, has been pretty strong but you've just got these concerns about Europe (debt), so these drawdowns are generally positive," said Leon Westgate, an analyst at Standard Bank. "But volumes are drying up, with China on holiday for three days next week and the (soccer) World Cup starting," he added. A rise in cancelled warrants -- already earmarked for delivery -- on stocks in LME warehouses are also being watched for signs of improving demand. On Thursday, lead cancelled warrants rose to their highest level since January 2004 at 18,250 tonnes, while aluminium hit a 2010 high at 321,075 tonnes. A lot of cancelled warrants on lead stocks were for U.S. warehouses, with analysts suggesting a surge in battery restocking for the warmer summer season was being played out. Battery material lead traded at $1,700 in LME rings from $1,684, while steel making ingredient nickel traded at $19,350 from $18,945. Analysts said nickel had been oversold in recent sessions. Among other metals, zinc traded at $1,755 a tonne in exchange rings from $1,720 and tin was untraded but last bid at $16,800 from $16,650. Metal Prices at 1214 GMT Metal Last Change Percent Move End 2009 Ytd Percent move COMEX Cu 294.00 7.75 +2.71 334.65 -12.15 LME Alum 1960.00 33.00 +1.71 2230.00 -12.11 LME Cu 6525.00 115.00 +1.79 7375.00 -11.53 LME Lead 1700.00 16.00 +0.95 2432.00 -30.10 LME Nickel 19300.00 355.00 +1.87 18525.00 4.18 LME Tin 16700.00 50.00 +0.30 16950.00 -1.47 LME Zinc 1758.00 38.00 +2.21 2560.00 -31.33 SHFE Alu 14565.00 160.00 +1.11 17160.00 -15.12 SHFE Cu* 51450.00 760.00 +1.50 59900.00 -14.11 SHFE Zin 14295.00 175.00 +1.24 21195.00 -32.55 ** Benchmark month for COMEX copper * 3rd contract month for SHFE AL, CU and ZN SHFE ZN began trading on 26/3/07

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