Jan 26 (Reuters) - Base metals prices moved largely mixed on Friday but most were on track for a weekly gain, as a wave of policy support from top consumer China boosted risk sentiment.

Three-month copper on the London Metal Exchange fell 0.2% to $8,552 per metric ton by 0217 GMT, while the most-traded March copper contract on the Shanghai Futures Exchange advanced 0.3% to 69,060 yuan ($9,625.62) a ton.

For the week, London copper was up 2.5%, on track for the biggest gain since November 2023, and SHFE copper was 2.1% higher, set for the strongest jump since July last year.

China's central bank earlier this week announced a deep cut in the amount of cash banks hold as reserves - a move that will inject about $140 billion of cash into the banking system.

That came after a Bloomberg report said Chinese authorities were considering to mobilise about 2 trillion yuan to stabilise a slumping stock market, boosting risk sentiment across financial markets.

LME nickel fell 0.4% to $16,640 a ton on Friday, lead declined 0.3% to $2,144, while aluminium was nearly flat at $2,237.50, zinc advanced 0.2% to $2,586 and tin edged up 0.4% to $26,765.

SHFE aluminium rose 0.9% to 19,080 yuan a ton, nickel increased 0.8% to 130,850 yuan, zinc advanced 0.5% to 21,440 yuan, tin climbed 1% to 222,680 yuan while lead fell 0.9% to 16,295 yuan.

LME lead was on track for the fifth straight week of gains. The premium of cash lead over the three-month contract was last at $8.84 a ton, compared to a discount of $44.75 hit last month, suggesting nearby supplies are tightening.

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DATA/EVENTS (GMT)

1330 US Consumption, Adjusted MM Dec

1330 US Core PCE Price Index MM, YY Dec

1330 US PCE Price Index MM, YY Dec

($1 = 7.1746 yuan) (Reporting by Mai Nguyen in Hanoi; Editing by Rashmi Aich)