(Recasts to show copper lower)
By James Regan
SYDNEY, May 5 (Reuters) - Copper prices dropped on Friday, compounding hefty overnight losses amid concerns about rising inventories and weakening consumption.
* COPPER: Three-month copper on the London Metal Exchange was down by $4 at $5,546 a tonne, as of 0728 GMT. In the previous session, copper hit a five-month low.
* SHANGHAI: The most-traded copper contract on the Shanghai Futures Exchange ended down 1.25 percent to 44,980 yuan ($6,522) a tonne.
* LME STOCKS: Inventories in London Metal Exchange (LME) warehouses rose nearly 33,000 tonnes on Wednesday, exchange data showed, bringing this week's increase to 64,000 tonnes, or 25 percent.
* NEGATIVE DATA: The impact of swelling stockpiles of the metal was compounded by data this week showing U.S. factory activity slowed in April while growth in China's manufacturing sector slowed more than expected.
* PHILIPPINES: The Philippine government will move forward with a second review of the country's mines despite the removal of Regina Lopez as environment minister, a finance official said on Thursday.
NICKEL: ShFE nickel dropped 3.3 percent to its lowest price in almost a year. LME nickel slipped 0.83 percent to $8,940 a tonne.
* FREEPORT TALKS: Indonesian authorities on Thursday kicked off negotiations with Freeport McMoran Inc. over a contract dispute that has prompted the U.S. mining giant to scale down operations in the eastern province of Papua.
* GLENCORE FORECAST: Mining and commodities trading group Glencore has raised its operating profit forecast for the trading division this year by $100 million and said its mining operations were expected to recover from some weather-related disruption at the start of the year.
* SHANGHAI ALUMINIUM: ShFE aluminium closed 0.47 percent lower, while LME aluminium was flat at $1,913 a tonne.
* MARKETS NEWS: Asian stocks declined for a third consecutive day on Friday as fresh falls in commodities raised concerns about the health of the global economy, though the euro bucked the broad weakness on receding concerns about France's presidential election.
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Three month LME copper
Most active ShFE copper
Three month LME aluminium
Most active ShFE aluminium
Three month LME zinc
Most active ShFE zinc
Three month LME lead
Most active ShFE lead
Three month LME nickel
Most active ShFE nickel
Three month LME tin
Most active ShFE tin
ARBS ($1 = 6.8971 Chinese yuan)
Reporting by James Regan; Editing by Richard Pullin and Sherry Jacob-Phillips