MARKETS-METALS (UPDATE 5) * China's economic growth quickens in Q4 * Dollar hits mutli-month highs against euro * Aluminium stocks hit new record (Adds comment/details, changes dateline from SHANGHAI) By Maytaal Angel LONDON, Jan 21 (Reuters) - Copper was steady on Thursday as a stronger dollar capped gains and traders weighed concerns over potential monetary tightening in China against strong growth numbers from the world's top metals consumer. Benchmark copper for three-months delivery on the London Metal Exchange traded flat at $7,375 a tonne at 1057 GMT. Data showed that China's annual gross domestic product surged 10.7 percent in the fourth quarter, with analysts saying it was only a matter of time before Beijing took more policy steps. "We've entered a sort of glass half empty period in the last week or so. The Chinese numbers were great but people are focussing on the tightening in China," said David Thurtell, analyst at Citigroup. "It won't be helpful if they raise rates but its not in anyone's interest for things to get out of hand, so as long as they doing things calmly and in a measured fashion that's good." Copper fell nearly 3 percent on Wednesday after Chinese authorities ordered some major banks to curb lending and as the euro sank against the dollar. Concerns that Beijing will step in to tighten credit have triggered flight-to-quality buying into the dollar this week, weighing on metals. The dollar hit a five-month high against the euro on Thursday after the Chinese growth data. A stronger dollar makes dollar-priced metals costlier for non-U.S. investors. "We saw copper higher overnight but now it's well off the highs and that's owing to strength of the dollar," said Randy North, a trader at RBC Capital Markets. Data showed China's imports of refined copper rose 25.5 percent on the month in December, fuelled by strong domestic prices and the arrival of term shipments. Also boosting copper, China's production of refined copper fell 0.6 percent in December from November's record. For a table of China's base metal trade summary, click STOCKS SOAR Indicating demand for copper remains weak outside China, latest data showed LME copper stocks rose 8,000 tonnes to total 534,650 tonnes, the highest since February last year. "I think we'll stick (near term) in ranges traded since mid-November," said Citigroup's Thurtell, citing rising copper stocks, tighter monetary policy in China and a sluggish recovery in western countries. In other metals traded, aluminium, used in transport and packaging, was at $2,251 a tonne from $2,267. Aluminium stocks hit a new record, rising 18,525 tonnes to 4.64 million tonnes, but analysts said most of the stock remains tied up in financing deals while there are signs demand from automakers is recovering. Zinc was flat at $2,444 a tonne, while battery material lead was at $2,279.75 from $2,295, having hit $2,272.75 earlier, its lowest since early December. Tin was at $17,850 from $17,775, and stainless-steel making ingredient nickel was at $18,702 from $18,805. Metal Prices at 1103 GMT Metal Last Change Percent Move End 2009 Ytd Percent move COMEX Cu 335.25 -0.25 -0.07 334.65 0.18 LME Alum 2247.00 -20.00 -0.88 2230.00 0.76 LME Cu 7371.00 -4.00 -0.05 7375.00 -0.05 LME Lead 2275.00 -20.00 -0.87 2432.00 -6.46 LME Nickel 18600.00 -205.00 -1.09 18525.00 0.40 LME Tin 17800.00 25.00 +0.14 16950.00 5.01 LME Zinc 2443.00 -1.00 -0.04 2560.00 -4.57 SHFE Alu 17465.00 55.00 +0.32 17160.00 1.78 SHFE Cu* 60950.00 -50.00 -0.08 59900.00 1.75 SHFE Zin 20730.00 -65.00 -0.31 21195.00 -2.19 ** 1st contract 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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