LONDON July 1 (Reuters) - Base metals slid on Thursday as a fall in manufacturing growth in top consumer China underlined fears over the pace of global economic recovery, knocking global equities and boosting the dollar. "They are all down on the back of the Chinese PMI. On top of that we had a (downward) revision earlier this week in leading indicators for China. I think prices are adjusting to the worse than expected economic data, we're heading lower medium term," said BaseMetals.com analyst William Adams. Global stocks, seen by some as a proxy for economic growth, fell in Asia and Europe after manufacturing data showed China's rapid economic growth was slowing, increasing fears of a double dip recession. [MKTS/GLOB] [.EU] China's official purchasing managers' index (PMI) fell to 52.1 in June from 53.9 in May, showing a slower pace in manufacturing growth in the world's top metals consumer. [ID:nTOE66001K] U.S. equity futures pointed to a softer open on Wall Street, while the dollar edged up versus the euro, making dollar-priced metals costly for European investors. [USD/] [.N] Moody's Investors Service said it might lower Spain's ratings just as fears eased about how banks would cope with repaying massive loans to the European Central Bank on Thursday. [ID:nLDE65T1YT] PRICES * Three-month copper CMCU3 on the London Metal Exchange was trading at $6,360 a tonne at 0721 GMT compared with $6,510 at the close on Wednesday. * Aluminium CMAL3 was at $1,937 a tonne from $1,977.50. DATA/EVENTS 0758 GMT - Euro zone manufacturing PMI for June 0828 GMT - UK manufacturing PMI for June 0830 GMT - Bank of England credit conditions survey (Q2) 1130 GMT - Challenger U.S. job cuts for June 1230 GMT - Weekly U.S. jobless claims 1400 GMT - U.S. pending home sales for May 1400 GMT - U.S. construction spending for May 1400 GMT - U.S. ISM for June N/A - U.S. auto sales for June MARKET NEWS * The euro hit a record low against the Swiss franc and the Australian dollar also fell on Thursday as weaker-than-expected Chinese data added to doubts about the strength of the global recovery. [USD/] * Oil fell for a fourth straight day on Thursday, shedding as much as 1.3 percent, on signs that China's economic growth was slowing, raising concerns about energy demand. [O/R] * European shares tumbled in early trade on Thursday, retreating for the seventh time in eight sessions, after tepid Chinese macro data raised concerns about the global recovery. [.EU] * Asian stocks and commodities began the second half of the year on a sour note on Thursday, with Japanese stocks sliding to a seven-month low after manufacturing data showed China's rapid economic growth was slowing. [MARKETS/AS] FUNDAMENTALS * China may impose export taxes on steel, base metals and products before 2015 to limit production capacity, reduce energy consumption and carbon emissions, an official said on Thursday. [ID:nTOE66004M] * Australia's government and key mining companies are reported to have agreed a compromise on a mining "super tax", which could open the way for new Prime Minister Julia Gillard to call an early election. [ID:nSGE66007L] * Aluminum Corp of China Ltd (Chalco), the country's biggest manufacturer of the metal, said its $2.5 billion agreement with Australia's Queensland government to develop bauxite resources in the state had terminated due to adverse changes in the aluminium sector. [ID:nTOE66002C] * China's Yuguang Gold and Lead (600531.SS: Quote) plans to expand its zinc capacity by half, start making copper and raise recycled lead production in the next five years, an executive at the country's top lead producer said. [ID:nTOE66000Q] TECHNICALS * Copper support was at $6,310 a tonne and resistance at $6,570. The 14-day RSI was at 38.28 * Aluminium support was at $1,920 a tonne and resistance at $2,002. The 14-day RSI was at 42.96. For related news and prices, click on the codes in brackets: LME price overview RING= LME aluminium <0#MAL:> LME copper <0#MCU:> Asia physicals COMEX copper futures <0#HG:> Europe physicals Scrap metal prices BASEU3 LME plastics RELATED NEWS AND OTHER TOPICS Base/minor metals news [MET] All metals news [MTL] Metals summary [GLANCE/MTL] Scrap metals news [SCRAP/EUR] Index of summaries [GLANCE/] All commodities news [C] Metals diary [MTL/DIARY] Weather news [WEA] Foreign exchange rates FX=S SPEED GUIDES COMMODS METAL1 REUTERS For Reuters Metals Production Database click on URL below

Source