(Updates prices, replaces comment) BEIJING, Feb 13 (Reuters) - London copper prices climbed for a second session on Tuesday, bouncing back from two-month lows hit last week, helped by a weaker dollar tracking a broad recovery in global equities. Traders were looking to cover their positions before the Lunar New Year holiday, wrote Matt France, head of institutional metal sales, Asia, at brokerage Marex Spectron. The holiday will see China, the world's top copper consumer, and the Shanghai Futures Exchange (ShFE) shut down for a week.
"The (base metals) complex feels constructive here, having weathered some meaningful long liquidation and indeed started to see some shorts build on the back of last week's macro sell-off," France said.
* LME COPPER: Three-month copper on the LME was up 1.4 percent at $6,925 a tonne at 0726 GMT, extending gains from the previous session, when it ended up 1.1 percent.
* SHFE COPPER: The most-traded April copper contract on the ShFE rose for the first time in three days, closing up 1.5 percent at 52,140 yuan ($8,230.47) a tonne.
* U.S. DOLLAR: The dollar index slid by 0.3 percent. A weaker dollar makes metals cheaper for holders of other currencies and can support prices.
* OTHER METALS: Zinc, nickel and aluminum made gains of around 1 percent in London, while recent laggard lead was up by 0.3 percent.
* COPPER: Aurubis AG, Europe's biggest copper smelter, is in advanced negotiations to sell its flat rolled products unit to German cooper products company Wieland-Werke AG as Aurubis looks to expand into other metals besides copper.
* ALUMINIUM: U.S. President Donald Trump will meet with a bipartisan group of lawmakers on Tuesday to discuss trade matters, as he ponders whether to takes steps to limit steel and aluminum imports seen as damaging to U.S. businesses.
* BHP: Australian miner BHP Billiton said on Tuesday it will record a $1.8 billion income tax expense due to cuts in the U.S. Federal corporate income tax rate.
* COBALT: Makers of electric vehicle batteries will have to keep using scarce, expensive cobalt in their products for the foreseeable future despite a push towards higher nickel compositions, materials technology company Umicore said on Monday.
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* Asian stocks pulled further away from two-month lows on Tuesday, lifted by Wall Street's extended rebound from last week's steep fall, but investors remained cautious ahead of U.S. inflation data later in the week.
BASE METALS PRICES 0727 GMT Three month LME copper 6927 Most active ShFE copper 52140 Three month LME aluminum 2142 Most active ShFE aluminum 14305 Three month LME zinc 3421 Most active ShFE zinc 26230 Three month LME lead 2521 Most active ShFE lead 19015 Three month LME nickel 13190 Most active ShFE nickel 100870 Three month LME tin 21200 Most active ShFE tin 146800
BASE METALS ARBITRAGE
LME/SHFE COPPER LMESHFCUc3 981.21 LME/SHFE ALUMINIUM LMESHFALc3 -1401.21 LME/SHFE ZINC LMESHFZNc3 558.4 LME/SHFE LEAD LMESHFPBc3 -248.19 LME/SHFE NICKEL LMESHFNIc3 2300.52
($1 = 6.3350 Chinese yuan renminbi)
(Reporting by Tom Dalyp; Editing by Kenneth Maxwell and Vyas Mohan)