* LME nickel stocks rise to record high * Aluminium, lead hit five-month low * Traders see further downside in aluminium prices By Silvia Antonioli and Melanie Burton LONDON/SINGAPORE, April 2 (Reuters) - Copper fell almost one percent on Tuesday as downbeat manufacturing data from the euro zone, the United States and China showed stuttering growth momentum in the top markets for metals. Benchmark copper on the London Metal Exchange (LME) was at $7,468 a tonne by 0934 GMT, down 0.95 percent from a close at $7,540 on Thursday. March factory reports released on Monday pointed to weaker than forecast expansion in the United States while Chinese manufacturing activity failed to show a strong revival in its pace of growth. Adding to concerns about the fragile global economic recovery, manufacturing across the euro zone fell deeper into decline in March, a business survey showed on Tuesday. "I think we have seen relatively poor data in the past two days: the US data was disappointing, China PMI was up but nothing too spectacular, and the euro zone data was relatively poor, not surprisingly," Standard Chartered metals analyst Daniel Smith said. "This subdued growth environment is not good for the metals complex." In the meantime deteriorating fundamentals are also weighing on the metal prices: stocks of copper in LME and ShFE inventories have swollen to near the highest in a decade, while output from top producer Chile continues to grow. Figures on Thursday showed Chile produced 420,207 tonnes of copper in February, a 2.8 percent expansion from a year earlier, on improved ore grades and higher output. NICKEL RECORD STOCKS Stocks of stainless steel ingredient nickel, in LME-registered warehouses , rose by 1,296 tonnes to a record high of 166,716 tonnes, data released on Tuesday showed. "Although for a lot of these markets LME stocks are often a misleading (indicator) in a way, high nickel stocks certainly don't help," Smith said, adding that he sees the metal trading in a range of $16,000-$19,000 a tonne this year, but more often closer to the lower number. Nickel was trading at $16,512 a tonne by 0935 GMT from a close of $16,660 on Thursday, after hitting a two-week low of $16,498. Benchmark aluminium was at $1,895.50 from a $1,904 close on Thursday. Earlier this session the metal slipped to $1,893 a tonne, its lowest since Oct. 30. After breaking below $1,900 a tonne to a five-month trough aluminium prices look vulnerable to further falls given increasingly bearish sentiment towards metals and a huge overhang of stock, traders said. Aluminium producers have posted heavy losses this year due to fragile demand and excess supply. Aluminum Corp of China (Chalco) for example, last week posted a worse than expected net annual loss of 8.2 billion yuan ($1.3 billion), hit by low aluminium prices and rising costs. In other metals, tin was at $22,926 from $23,230 while zinc, used in galvanizing, was at $1,877 from $1,897 at Thursday's close. Battery material lead was at $2,093.75 from $2,112, after hitting a five-month low at $2,091 a tonne.

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