METALS-London copper clambers off 2-week lows on China optimism

MELBOURNE, March 5 (Reuters) - London copper climbed on Monday away from its lowest in a fortnight, as attention shifted to upbeat comments at China's annual opening to parliament on economic growth and reform.

FUNDAMENTALS

* London Metal Exchange copper rose by half a percent to $6,930 a tonne by 0202 GMT, following losses of 0.4 percent on Friday. Prices are expected to recover as manufacturing demand cranks up into the seasonally strongest second quarter. Prices hit $6,858.50 on Thursday, the weakest since Feb 13.

* Shanghai Futures Exchange copper eased by 0.2 percent to 52,140 yuan ($8,237) a tonne on Monday.

* ALUMINIUM: Some Chinese aluminum producers that shut smelters during a winter crackdown on pollution may not reopen this spring once output curbs are lifted, as planned new capacity by state-run companies threatens to overwhelm demand and cut into profits.

* CURVE: LME aluminum spreads showed easing in supply tightness mid-year when more China production is expected to come online, though nearby spreads from cash to March signaled severe supply stress. <CMAL0-3> <CMALT-0>

* CHINA: China must make strong efforts this year to keep foreign trade stable and improving, the country's top economic planner said on Monday in a work report at the opening of the annual meeting of parliament.

* CHINA ECON: China aims to expand its economy by around 6.5 percent this year, the same as in 2017, Premier Li Keqiang said in remarks prepared for delivery at the opening of the annual meeting of parliament on Monday.

* COPPER: Hedge funds and money managers cut their net long positions in COMEX gold and copper contracts in the week to Feb. 27, U.S. Commodity Futures Trading Commission data showed on Friday. DRC: Democratic Republic of Congo President Joseph Kabila will meet mining company representatives on Tuesday to discuss a mining code revision awaiting his signature that would raise taxes and royalties, the mines minister said.

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MARKETS NEWS

* Asian shares hovered near 2-1/2 week lows and the safe-haven yen rose on Monday amid fears of a global trade war, while the euro pared gains as investors worried Italy's national elections could deliver an anti-establishment government.

DATA AHEAD (GMT) 0145 China Caixin services PMI Feb 0850 France Markit services PMI Feb 0855 Germany Markit services PMI Feb 0900 Euro zone Markit services PMI final Feb 0930 Euro zone Sentix index Mar 1000 Euro zone Retail sales Jan

1500 U.S. ISM non-manufacturing PMI Feb

PRICES

BASE METALS PRICES 0121 GMT Three month LME copper 6939 Most active ShFE copper 52200 Three month LME aluminum 2153.5 Most active ShFE aluminum 14320 Three month LME zinc 3382 Most active ShFE zinc 26040 Three month LME lead 2458 Most active ShFE lead 18830 Three month LME nickel 13470 Most active ShFE nickel 102420 Three month LME tin 0 Most active ShFE tin 147500

BASE METALS ARBITRAGE

LME/SHFE COPPER LMESHFCUc3 1034.62 LME/SHFE ALUMINIUM LMESHFALc3 -1460.81 LME/SHFE ZINC LMESHFZNc3 616.26 LME/SHFE LEAD LMESHFPBc3 -30.56 LME/SHFE NICKEL LMESHFNIc3 1594.89

($1 = 6.3303 Chinese yuan)

(Reporting by Melanie Burton; Editing by Biju Dwarakanath)