May 24 (Reuters) - Copper prices were nearly unchanged on Friday, as traders and investors reassessed the sustainability of a recent red hot rally that pushed prices to a record high.

Three-month copper on the London Metal Exchange was flat at $10,418.50 per metric ton by 0414 GMT, while the most-traded July copper contract on the Shanghai Futures Exchange advanced 0.1% to 84,030 yuan ($11,597.70) a ton.

LME copper, despite hitting a record high $11,104.50 a ton on Monday, is still down 2.4% on a weekly basis, on track for the worst week since the week ended Feb. 9.

SHFE copper, however, is still set for a weekly gain. The contract also hit a record high of 88,940 yuan a ton on Monday.

Funds have been buying metals including copper, betting it would be in shortage, as the world needs those metals to transition into a green economy. The rally was also propelled by a short squeeze on the U.S. Comex exchange.

However, physical demand in China, the world's biggest copper consumer, has been dampened. The usual premium to import copper into China has been flipped into a discount since mid-May.

LME aluminium fell 0.3% to $2,613 a ton, zinc edged down 0.1% at $3,061, lead declined 0.4% to $2,296, tin decreased 0.1% to $33,430 while nickel edged up 0.1% to $20,095.

SHFE aluminium eased 0.2% to 20,915 yuan a ton, nickel dropped 0.8% to 151,930 yuan, tin declined 0.3% to 272,590 yuan, while zinc rose 0.7% to 24,655 yuan and lead edged up 0.2% at 18,525 yuan.

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($1 = 7.2454 yuan) (Reporting by Mai Nguyen in Hanoi; Editing by Rashmi Aich)