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METALS-London copper edges up from key level of $7,000

(Adds comment, detail, and updates prices) MELBOURNE, Jan 22 (Reuters) - London copper on Monday edged higher from the $7,000 level that has marked support so far this year, as an upbeat mood among Japanese manufacturers added to a brightening picture for global metals demand. A resilient property market in China and a pick up in global manufacturing growth are adding to a rosier outlook for this year, said analyst Helen Lau of broker Argonaut Securities in Hong Kong. "The global economy is stronger, so China's exports will be better than last year. Unless China has a major policy to tighten the market, we think the demand picture overall will be slightly more optimistic this year." In the near term, however, a seasonal soft patch between Christmas and the Lunar New Year in mid-February, and the potential for a dollar rally could also pressure prices of some metals. "For copper there are some risks. Prices have climbed a lot, and the net long position is very high so it's very likely for either end users or investors to trim their positions."

FUNDAMENTALS

* COPPER: London Metal Exchange copper was up 0.5 percent at $7,076 a tonne, as of 0355 GMT, reversing losses from the previous session. Prices last week edged down to $7,027, with the $7,000 as yet unbroken this year. Shanghai Futures Exchange copper cut early losses to trade down just 0.2 percent at 53,630 yuan ($8,373) a tonne.

* JAPAN: Confidence among Japanese manufacturers jumped in January to an 11-year high, the Reuters Tankan poll showed on Monday, highlighting corporate optimism driven by nearly two years of uninterrupted economic expansion and a buoyant stock market.

* ZINC, LEAD: LME zinc and lead edged down from 10-year and six-year peaks respectively on Friday, after a bump fuelled by falling LME stocks.

* USD: The dollar hovered near a three-year low even after San Francisco Federal Reserve Bank President John Williams said he expects the U.S. central bank to continue raising rates at a gradual pace during 2018.

* CHINA GDP: China's better-than-expected economic growth in the fourth quarter of last year was supported by continued strength in the services industry and an expanding agricultural sector, official data published on Friday showed.

* CHINA POWER: China's power consumption for all of 2017 rose 6.6 percent from a year ago to 6.31 trillion kilowatt hours (kWh), according to data published by the National Energy Administration (NEA) on Monday.

* CHINA POLLUTION: China will impose "special emissions restrictions" on enterprises in major industrial sectors in northern China later this year, as it bids to ensure its war on pollution continues once a tough winter anti-smog campaign ends in March.

* U.S. ALUMINIUM: The U.S. Commerce Department has sent President Donald Trump the results of its national security probe into aluminium imports, Trump administration officials said on Sunday, while declining to disclose details.

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MARKETS NEWS

* U.S. stock futures, Asian equities and the dollar pulled back slightly on Monday after the U.S. government was forced to shut down amid a dispute between President Donald Trump and Democrats over immigration.

DATA AHEAD (GMT) 1330 U.S. National activity index Dec PRICES

BASE METALS PRICES 0333 GMT Three month LME copper 7077 Most active ShFE copper 53620 Three month LME aluminium 2220 Most active ShFE aluminium 14645 Three month LME zinc 3411.5 Most active ShFE zinc 26165 Three month LME lead 2585.5 Most active ShFE lead 19345 Three month LME nickel 12685 Most active ShFE nickel 98190 Three month LME tin 20540 Most active ShFE tin 146260

BASE METALS ARBITRAGE

LME/SHFE COPPER LMESHFCUc3 736.26 LME/SHFE ALUMINIUM LMESHFALc3 -1864.02 LME/SHFE ZINC LMESHFZNc3 309.15 LME/SHFE LEAD LMESHFPBc3 -642.44 LME/SHFE NICKEL LMESHFNIc3 1901.8

($1 = 6.4049 Chinese yuan)

(Reporting by Melanie Burton, Editing by Richard Pullin and Sherry Jacob-Phillips)