UPDATE 1-Shanghai copper stocks rise to 5-½ yr high

* ShFE copper stocksup 1 pct, less than half expectations

* Zinc stocks rise 5.7 percent to new one-year high

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SINGAPORE, Nov 6 (Reuters) - Shanghai Futures Exchange copper stocks rose 1,440 tonnes this week to 104,275 tonnes, less than half the 3,000-4,000 tonnes expected by analysts and traders, while zinc inventories jumped 5.7 percent after last week's 24 percent surge.

Copper stocks in warehouses monitored by the Shanghai Futures Exchange rose 1 percent from a week earlier to 104,275 tonnes, highest since late April, 2004.

A straw-poll earlier on Friday revealed expectations of a rise of 3,000 tonnes to as much as 10,000 but the bulk of the six analysts and traders questioned looked for a rise of 3,000 to 4,000 tonnes.

"It was a little short of what we thought, but not by much. The number won't set the world alight and we aren't changing how we view the market on this basis," a trader in Hong Kong said.

Spot copper traded in Shanghai at around 50,800 yuan a tonne on Friday, while front-month copper on the ShFE SCFc1 was 51,000 yuan, with just about a week to go before the contract expires.

"The physical business in China is still pretty slow. Spot is at a slight discount to futures -- not enough to attract a lot of metal but maybe enough to deter buyers taking from the exchange," a merchant in Singapore said.

The 8,311-tonnes rise in zinc inventories to 153,847 tonnes was more in line with expectations which were for a smaller rise than last-week's 24 percent surge.

The market is unlikely to react to the rise, traders said earlier in the day.

"Shanghai exchange zinc stocks are largely ignored, because stocks outside the exchange are huge," said a Shanghai-based trader. (Reporting by Nick Trevethan; Editing by Sanjeev Miglani)