METALS-London copper climbs off 2-wk low, softer dollar supports

 (Adds comment, detail; updates prices)
    By Melanie Burton
    MELBOURNE, Jan 10 (Reuters) - London copper on Wednesday
moved away from a two-week low struck in the previous session,
buoyed as the dollar softened and the World Bank issued a solid
view of global economic growth. 
    Standard Chartered said investors should wait until late in
the first quarter to buy into the sector, particularly zinc and
copper, given net-long investor positioning, a typical first
quarter surplus and the likelihood of liquidation ahead of Lunar
New Year.
   "We think there is limited risk/reward for fresh long
positions in the short term," it said in a report. 
   "We recommend that investors ... seek buying opportunities
for some metals (on a fundamental basis) in the aftermath of any
such Lunar New Year positioning consolidation." 
    * COPPER: London Metal Exchange copper had edged up
0.3 percent to $7,121 a tonne by 0541 GMT, neutralising losses
from the previous session when prices tipped their lowest since
Dec. 22 at $7,086. 
    * Shanghai Futures Exchange copper edged up 0.2
percent to 54,900 yuan ($8,418) a tonne, having found support at
the 100-day moving average of 53,180 yuan a tonne. 
    * NICKEL: ShFE nickel rose to its highest in nearly
two months at 100,900 yuan a tonne. A trader said he expects
China's nickel imports to fall further after the country raised
import taxes to 2 percent for 2018, from 1 percent last year.
    China's refined nickel imports slumped by 43.7 pct to under
200,000 tonnes in the first 11 months of 2017.
    * FORECASTS: The global economy is set to expand by 3.1
percent in 2018, slightly up from 3 percent last year and
marking the first year since the 2008 Great Recession that it
will near or achieve full growth potential, the World Bank said.

    * CHINA ECONOMY: China's producer prices rose at their
slowest pace in 13 months in December, as the government's war
against winter smog dented factory demand for raw materials in a
sign the world's No.2 economy has started to slow.
    * ALUMINIUM: U.S. aluminium products makers sought new trade
protections against Chinese imports on Tuesday, accusing China
Zhongwang Holdings Ltd and its affiliates of evading
U.S. anti-dumping and anti-subsidy duties by shipping aluminium
products through Vietnam. 
    * AUTO DEMAND: Potentially crimping metals demand,
automakers in China face their weakest year of sales growth in
at least two decades as a phasing out of tax cuts on smaller
engine cars looks set to further dampen customer demand in the
world's largest car market.
 BASE METALS PRICES              0539 GMT          
 Three month LME copper                      7117.5
 Most active ShFE copper                      54880
 Three month LME aluminium                   2160.5
 Most active ShFE                             14955
 Three month LME zinc                        3333.5
 Most active ShFE zinc                        26115
 Three month LME lead                          2560
 Most active ShFE lead                        19495
 Three month LME nickel                       12690
 Most active ShFE nickel                     100410
 Three month LME tin                          19970
 Most active ShFE tin                        145370
 BASE METALS ARBITRAGE                             
 LME/SHFE COPPER            LMESHFCUc3       720.48
 LME/SHFE ALUMINIUM         LMESHFALc3     -1334.54
 LME/SHFE ZINC              LMESHFZNc3        381.9
 LME/SHFE LEAD              LMESHFPBc3      -664.42
 LME/SHFE NICKEL            LMESHFNIc3      2431.79
($1 = 6.5220 Chinese yuan renminbi)

 (Reporting by Melanie Burton; Editing by Tom Hogue and Joseph

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