LONDON July 13 (Reuters) - Copper fell 1 percent to a near one-week low on Tuesday as a firmer dollar and weaker Chinese equities outweighed improving fundamentals. "You will not find many fundamental reasons for the price moves," said Eugen Weinberg, a commodity analyst at Commerzbank. "Prices are mostly under the spell of macro factors." "The dollar is stronger, the equity markets in China are on the downside and it seems like some more risk-aversion is again coming back to the market." A firm U.S. currency makes metals priced in dollars more expensive for holders of other currencies. [USD/] Weakening equities in China also put pressure on metals. The benchmark Shanghai Composite .SSEC fell 1.3 percent, as government agencies denied rumours they would relax property market restrictions after the first fall in nationwide house prices since February 2009. [ID:nTOE66C004] [ID:nTOE66B03G] "The stock markets are often considered as a leading indicator for the economy," said Weinberg. "The markets are probably concerned that the performance of the equity markets in China is pointing to weaker growth in the second half." On Monday, China, the world's top metals consumer, reported a drop in copper imports for the third straight month in June. [ID:nTOE669009] [ID:nTOE66900C] Weinberg also said falling LME stocks were proving that demand was picking up in many base metals. <0#LME-STOCKS> PRICES * Three-month copper CMCU3 on the London Metal Exchange was at $6,585.50 a tonne by 0718 GMT compared with Monday's close of $6,630 per tonne while aluminium CMAL3 was $10 lower at $1,962. DATA/EVENTS * UK CPI for June at 0830 GMT. * German Zew for July at 0900 GMT. * ICSC/Goldman Sachs weekly U.S. chain store sales at 1145 GMT. * U.S. international trade for May at 1230 GMT. * Redbook weekly U.S. retail sales at 1230 GMT. * U.S. federal budget for June at 1800 GMT. * ABC U.S. weekly consumer comfort index at 2100 GMT. * UK nationwide consumer confidence FOR JUNE at 2301 [ECI/US] [ECI/EURO] [ECI/GB] [M/DIARY] [MTL/DIARY] MARKET NEWS * Chinese stocks fell 2 percent on Tuesday on reports that Beijing will not relax tougher property measures any time soon, weighing on the Australian dollar and curbing early gains in Asian shares. [MKTS/GLOB] * The euro consolidated well below two-month peaks against the dollar on Tuesday as investors hesitated to go long on the single currency and risk large short dollar positions during the U.S. earnings season. [USD/] * Oil retreated on Tuesday to stay below $75, tracking Asian equities lower and on forecasts for a seventh straight weekly gain in distillate fuel inventories at top consumer the United States. [O/R] * In the United States, indexes edging higher as investors kept bets to a minimum before the start of companies financial results. [.N] FUNDAMENTALS * Alcoa Inc (AA.N), the largest U.S. aluminium producer, posted a stronger-than-expected second-quarter profit on Monday and raised its estimate for global aluminium consumption, sending its shares up 3 percent. [ID:nN12206110] * Chinese banks should "strictly implement" existing curbs on loans to multi-home buyers, the China Banking Regulatory Commission (CBRC) said, in response to media reports that some banks were relaxing credit controls. [ID:nTOE66C004] * Canada-listed Geovic Mining (GMC.TO) may start work on its Nkamouna cobalt, nickel and manganese project in Cameroon as early as this year, the firm said on Monday, bringing forward a project that had been delayed until 2012. [ID:nLDE66B1LR] * Canada's Scorpio Mining Corp (SPM.TO) said it expects to meet its third-quarter production target after resuming full operations at its Nuestra Senora mill facility in Sinaloa State, Mexico. [ID:nSGE66B0IA] * Banks are expanding in Asia's commodity and energy sectors rapidly, drawn by the region's faster growth rates and lightly regulated markets, and will increase the drive in coming months. [ID:nSGE66C03P] * METALS INSIDER-Zinc is the "in" thing in Shanghai. [ID:nLDE66B1S9] TECHNICALS * Copper support at $6,510, resistance $6,806, and 14-day RSI at 49.1. * Aluminium support at $1,920, resistance at $2,012, and 14-day RSI 45.8. (Reporting by Michael Taylor; editing by Sue Thomas)

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