* LME/ShFE arb: tmsnrt.rs/2oQ5nm2
* China in new moves to curb shadow banking and risky investment
* Zinc hits near one month low, lead hit 4-month trough (Recasts, adds details/quote, updates prices, changes dateline)
By Maytaal Angel
LONDON, May 16 (Reuters) - Base metals fell on Tuesday, with zinc, lead and nickel down almost 2 percent as China's latest moves to curb shadow banking and risky investment dented the growth outlook in the world's top metals consumer.
Late on Monday, China's banking regulator tightened disclosure rules on lenders' wealth management products (WMPs). Separately, the China Banking Regulatory Commission (CBRC) unveiled plans to publish a flurry of regulations later this year to control financial risks.
"We are seeing a cautious approach by funds on the metals complex. The market continues to be in a consolidation phase," said Gianclaudio Torlizzi, partner at metals consultancy T-Commodity.
He added, however: "The current weakness represents an opportunity to go long ... probably (in) two or three weeks (time). The April data from the (Chinese) credit market was better than expected. There is no chance of a hard landing in China."
* PRICES: Zinc fell 1.9 percent to $2,522 a tonne by 1017 GMT, having earlier hit its lowest since April 19 at $2,520, lead fell 2 percent to $2,091.50 a tonne, its lowest since Jan 9, while nickel dropped 1.6 percent to $9,085 a tonne.
* CHINA GROWTH: China's growth is set for its weakest patch since the global financial crisis as authorities pull back on the stimulus that helped the economy get off to an unexpectedly strong start this year, and keep funds tight to deter risky lending.
* STOCKPILES: LME data showed lead stocks MPB-STOCKS rose to 183,250 tonnes, up 10 percent since late April, while zinc stocks MZN-STOCKS rose to 349,300, up 3 percent since early May.
* STEEL: Steelmaking ingredients zinc and nickel were pressured by recent falls in Shanghai rebar steel, which has been hit by concerns over plentiful supply and slow demand growth in China.
* ALUMINIUM: A deepening global shortage of aluminium and an improving outlook for Russian equities should make tycoon Oleg Deripaska's En+ company attractive to investors seeking exposure to emerging markets, its chief told Reuters.
* CHINA SMOG: Air pollution in a key Chinese region surrounding Beijing worsened in the first four months of this year, despite tough new campaigns to enforce green regulations and punish offenders.
China's war on smog has helped limit aluminium supply this year, boosting prices.
* ALUMINIUM TECHNICALS: The discount for cash aluminium versus the three month price traded at $3.25 a tonne CMAL0-3, its narrowest since February and indicating tightening supply.
* COPPER DEMAND: The chief executive of Freeport-McMoRan said demand for copper remains strong, with Europe and North America showing steady improvement.
* TIN: The premium for cash tin over the three month price CMSN0-3 rose to $170 a tonne, its highest since early December, indicating tightening nearby supply.
* PRICES: Copper dropped 0.6 percent to $5,578n a tonne, paring gains from the previous session when it hit its highest in nearly two weeks, aluminium rose 0.2 percent to $1,909 a tonne while tin dipped 0.1 percent to $19,860 a tonne .
($1 = 6.8921 Chinese yuan renminbi)
Additional reporting by Melanie Burton