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METALS-London, Shanghai metals near multi-year peaks on weaker dollar

(Adds comment, detail, and updates prices) MELBOURNE, Jan 25 (Reuters) - London metals largely advanced on Thursday as zinc, nickel and lead hovered around multi-year highs after U.S. Treasury Secretary Steven Mnuchin backed a weak dollar, pushing the greenback to a three-year low. A weaker dollar makes commodities more affordable for buyers paying with other currencies. The dollar skidded against its peers on Thursday, while the euro was firm ahead of the European Central Bank's policy decision. "With investor sentiment remaining strong, commodity prices are likely to remain well bid for the remainder of the week," ANZ said on a report.

FUNDAMENTALS

* COPPER: London Metal maybe we dExchange copper was up 0.4 percent at $7,173 a tonne, as of 0535 GMT. Prices have rebounded from one-month lows towards the highest in a week but are still below the most recent peak of $7,312 from late December. Prices are expected to face more pressure amid rising exchange inventories. Shanghai Futures Exchange copper rallied 2 percent to 53,810 yuan ($8,508) a tonne.

* INFRASTRUCTURE: Potentially driving demand, U.S. President Donald Trump said on Wednesday that his long-awaited plan to help rebuild the nation's infrastructure would result in about $1.7 trillion in overall investment over the next 10 years, a larger figure than he previously announced.

* ZINC: LME zinc hit a new decade high as it steams towards the $3,500 mark, supported by tight global inventories, having touched a peak of $3,472.50 a tonne. LME nickel rallied another 2 percent above its near 6 percent rally hit in the previous session, while lead hovered near a six-year high.

* DRC MINING: Democratic Republic of Congo's new proposed mining code, which the industry has warned will stifle investment in the copper and cobalt-rich nation, sailed through the Senate without opposition late on Wednesday.

* MARKETS: Asian stocks held near a record high on Thursday though concerns about the Trump administration's protectionist stance cast a shadow on financial markets, while the dollar struggled after U.S. Treasury Secretary Steven Mnuchin welcomed a weaker currency.

* CHINA CURBS: China will ease restrictions for foreign companies in its manufacturing and services sectors as it rolls out fresh market-opening measures that could exceed international expectations, a senior Communist Party member said in Davos on Wednesday.

* COMING UP: ECB interest rate announcement, press briefing at 1245 GMT

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MARKETS NEWS

0502 GMT

Three month LME copper 7194 Most active ShFE copper 53800 Three month LME aluminum 2263 Most active ShFE aluminum 14750 Three month LME zinc 3465 Most active ShFE zinc 26305 Three month LME lead 2640 Most active ShFE lead 19660 Three month LME nickel 13805 Most active ShFE nickel 104930 Three month LME tin 21000 Most active ShFE tin 147360 LME/SHFE COPPER LMESHFCUc3 680.93 LME/SHFE ALUMINIUM LMESHFALc3 -1899.01 LME/SHFE ZINC LMESHFZNc3 344.12 LME/SHFE LEAD LMESHFPBc3 -536.34 LME/SHFE NICKEL LMESHFNIc3 1379.06

($1 = 6.3243 Chinese yuan)

(Reporting by Melanie Burton, Editing by Gopakumar Warrier and Sherry Jacob-Phillips)