SYDNEY, June 6 (Reuters) - London copper was steady on Friday, set for its second weekly fall as optimism over economic growth in top user China was overshadowed by a probe into metals financing at a major port in the country.

FUNDAMENTALS

* Three-month copper on the London Metal Exchange CMCU3 had edged down 0.1 percent to $6775.25 a tonne by 0134 GMT, after closing little changed the previous session when prices hit their lowest since May 12 at $6,754 a tonne.

* Prices were set for a weekly drop of 1 percent.

* The most-traded August copper contract on the Shanghai Futures Exchange SCFcv1 climbed 0.4 percent to 48,260 yuan ($7,700) a tonne.

* The European Central Bank cut interest rates to record lows on Thursday, launched a series of measures to pump money into the sluggish euro zone economy, and pledged to do more if needed to fight off the risk of Japan-like deflation.

ID:nL6N0OM3BH

* The International Monetary Fund cut its 2015 economic growth forecast for China to about 7 percent, but urged authorities to avoid further stimulus measures and concentrate on curtailing financial risks instead. ID:nL3N0OM1P3

* Global trading houses and banks are scrambling to check on their exposure to a probe into metal financing at China's Qingdao port, as concerns intensify that a crackdown on commodity financing could hit trade in the world's top metal buyer. ID:nL3N0OM4GD

* Goldman Sachs Group Inc's GS.N metals warehousing unit is voluntarily complying with the London Metal Exchange's new delivery rates even as proposed changes are stalled in a prolonged legal wrangle, the company said in a letter. ID:nL1N0OM2UW

* Investors sold nearby positions in copper futures on Thursday, causing a months-long backwardation in the market to collapse amid expectations of a potential influx of metal into the market as concerns mount about a probe into Chinese financing deals. ID:nL1N0OM2G5

* For the top stories in metals and other news, click

TOP/MTL , TOP/MACRO or MET/L

MARKETS NEWS

* Asian markets firmed modestly on Friday as equity and bond investors offered only polite applause for the European Central Bank's latest stimulus package, while the euro went off-script in a vicious short-covering rally. MKTS/GLOB

DATA AHEAD (GMT) 0600 Germany Industrial output April 0600 Germany Trade data April 0645 France Trade data April 1230 U.S. Non-farm payrolls May 1230 U.S. Unemployment rate May 1900 U.S. Consumer credit April

PRICES

Three month LME copper CMCU3

Most active ShFE copper SCFcv1

Three month LME aluminium CMAL3

Most active ShFE aluminium SAFcv1

Three month LME zinc CMZN3

Most active ShFE zinc SZNcv1

Three month LME lead CMPB3

Most active ShFE lead SPBcv1

Three month LME nickel CMNI3

Three month LME tin CMSN3 ($1 = 6.2548 Chinese Yuan Renminbi)

(Reporting by Melanie Burton; Editing by Joseph Radford)

((melanie.burton@thomsonreuters.com)(+612 9373 1803)(Reuters Messaging: melanie.burton.thomsonreuters.com@reuters.net)) 

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