* 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 four-month trough (Updates with closing prices)
By Maytaal Angel
LONDON, May 16 (Reuters) - Lead hit a four-month low and zinc sank to its weakest in nearly a month on Tuesday 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. Separately, the China Banking Regulatory Commission 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.
"The current weakness represents an opportunity to go long ... probably (in) two or three weeks (time)," he added.
"The April data from the (Chinese) credit market was better than expected. There is no chance of a hard landing in China."
* CHINA GROWTH: China's growth is set for its weakest patch since the global financial crisis as authorities pull back on stimulus.
* LEAD: The metal mainly used in batteries closed on the London Metal Exchange down 2.4 percent at $2,084, having earlier hit its lowest since Jan 9 at $2,080.50.
* ZINC: The LME price finished 1 percent weaker at $2,546 a tonne, having earlier hit its lowest since April 18 at $2,518.
"Zinc is now close to critical support of $2,520," Stephanie Aymes, head of technical analysis at Societe Generale, said in a note. "A daily close below $2,520 will mean a deeper correction towards $2,416/2,396."
* ZINC & LEAD STOCKS: 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 tonnes, up 3 percent since early May.
* 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.
* 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.
China's war on smog and plans to curtail output in the winter is expected to limit aluminium supply this year, boosting prices.
* ALUMINIUM: The LME price ended up 0.9 percent at $1,923 after touching $1,930, the strongest since May 3.
* 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. LME tin finished up 0.4 percent at $19,950 a tonne.
* PRICES: Copper closed little changed, down 0.04 percent at $5,611. On Monday, copper hit the highest in nearly two weeks. Nickel fell 1.2 percent to end at $9,120.
Additional reporting by Melanie Burton in Melbourne and Eric Onstad in London; editing by Ed Osmond and Pritha Sarkar