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

(Adds Shanghai closing prices, updates London 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," Lau said.

FUNDAMENTALS

* COPPER: London Metal Exchange copper was up 0.7 percent at $7,092.50 a tonne, as of 0715 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 (ShFE) copper recovered from early losses to close up 0.4 percent at 53,900 yuan ($8,408.08) a tonne on Monday.

* 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 edged down from a 10-year peak seen on Friday, slipping 0.1 percent to $3,413 a tonne but lead, which hit a seven-year high last week, recovered from earlier losses to trade up 0.5 percent at $2,593 a tonne.

* 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.

PRICES

BASE METALS PRICES 0715 GMT Three month LME copper 7092.5 Most active ShFE copper 53900 Three month LME aluminium 2215.5 Most active ShFE aluminium 14660 Three month LME zinc 3413 Most active ShFE zinc 26210 Three month LME lead 2595 Most active ShFE lead 19480 Three month LME nickel 12715 Most active ShFE nickel 98540 Three month LME tin 20570 Most active ShFE tin 146540

BASE METALS ARBITRAGE

LME/SHFE COPPER LMESHFCUc3 850.56 LME/SHFE ALUMINIUM LMESHFALc3 -1835.36 LME/SHFE ZINC LMESHFZNc3 339.24 LME/SHFE LEAD LMESHFPBc3 -590.08 LME/SHFE NICKEL LMESHFNIc3 1757.03

($1 = 6.4105 Chinese yuan renminbi)

(Reporting by Melanie Burton; additional reporting by Tom Daly in BEIJING; Editing by Richard Pullin and Sherry Jacob-Phillips)