METALS-Copper, aluminium, zinc hit two-week high on weak dollar

* Copper hits highest since Aug 30, up 3.5% on weekly basis * Aluminium and zinc touch their two-week highs too (Updates prices as of 1552 GMT) By Polina Devitt LONDON, Sept 13 (Reuters) - Copper prices hit a two-week high on Friday and were on track for their strongest week since July on support from a weaker dollar and hopes that economic stimulus in top consumer China will boost demand. Three-month copper CMCU3 on the London Metal Exchange was up 0.9% at $9,297.50 a metric ton by 1552 GMT after touching $9,314.5, its highest price since Aug 30. Aluminium and zinc also touched their two-week highs. The U.S. currency was under pressure, making dollar-priced metals more attractive for buyers using other currencies, with the U.S. Federal Reserve widely expected to start cutting interest rates next week. FRX/ "One first rate cut is likely to boost sentiment in the base metals complex," said Ewa Manthey, a commodities analyst at ING. "Longer term, weaker dollar and falling borrowing costs that will come with that cut will help demand, providing relief for construction and other interest-sensitive sectors." China's central bank said on Friday that its policy would strive to expand domestic demand, focusing more on consumption. The country's new bank loans growth in August missed expectations, though total social financing numbers, a gauge of future metals consumption, jumped and exceeded a Reuters poll forecast. Copper, which is used in the power and construction industries, has lost 16% since a May rally pushed it to a record high of $11,104, helped by speculative buying on potential shortages resulting from future demand. With the price fall, which was mainly because of the unwinding of investor positioning, Chinese buying has picked up and there has been some restocking activity ahead of China's long October holiday. Copper inventories in warehouses monitored by the Shanghai Futures Exchange fell 45% over the past three months to 185,520 tons, the lowest level since February. CU-STX-SGH Analysts at Macquarie expect copper prices to average $9,100 this quarter before recovering in the fourth quarter, subject to a decline in visible stocks. In other metals, LME aluminium CMAL3 was up 2.5% at $2,475, zinc CMZN3 added 2.0% to $2,912.50, lead CMPB3 rose 0.4% to $2,033.50, tin CMSN3 gained 1.4% to $31,860 while nickel CMNI3 retreated 1.2% to $15,945. (Reporting by Polina Devitt in London Additional reporting by Mai Nguyen in Hanoi Editing by David Goodman, Paul Simao and Louise Heavens) (([email protected]; Reuters Messaging: [email protected])) (( For related news and prices, click on the codes in brackets: LME price overview RING= COMEX copper futures 0#HG: All metals news MTL All commodities news C Foreign exchange rates FX= SPEED GUIDES LME/INDEX ))