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

(Adds comment, detail; updates prices) 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."

FUNDAMENTALS

* COPPER: London Metal Exchange copper had edged up 0.3 percent to $7,121 a tonne by 0541 GMT, neutralizing 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. aluminum 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 aluminum 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.

PRICES

BASE METALS PRICES 0539 GMT Three month LME copper 7117.5 Most active ShFE copper 54880 Three month LME aluminum 2160.5 Most active ShFE 14955

aluminum

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 Radford)