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METALS-Base metals rise as trade war fears ease

BEIJING, March 27 (Reuters) - Most base metals prices climbed on Tuesday, lifted by a rebound in equities on hopes that a trade war between top metals consumer China and the United States may be avoided. Senior U.S. officials are asking China to cut tariffs on imported cars, allow foreign majority ownership of financial services firms and buy more U.S.-made semiconductors in negotiations to avoid plans to slap tariffs on a host of Chinese goods.

FUNDAMENTALS

* LME COPPER: Three-month copper on the London Metal Exchange rose by 1.3 percent to $6,686 a tonne by 0212 GMT, having closed down 0.9 percent and touched a low of $6,532 on Monday, its weakest since early December.

* LME COPPER: Copper inventories in LME warehouses <MCUSTOX-TOTAL> grew by 35,000 tonnes to 352,750 tonnes, exchange data showed on Monday. On-warrant stocks have nearly doubled this year and are at their most elevated since September 2016.

* SHFE COPPER: The most traded May contract on the Shanghai Futures Exchange (ShFE) was up 0.3 percent at 49,680 yuan ($7,931.41) a tonne.

* CHILE: Workers at Antofagasta PLC's Los Pelambres copper mine in Chile reached an agreement on a new labour contract, defusing the risk of a strike, the union said on Monday.

* USD: The U.S. dollar index was up 0.1 percent to 89.1, having hit a five-week low against a basket of major currencies late on Monday. A weaker dollar makes metals cheaper for holders of other currencies, supporting prices.

* ZINC: Zinc was trading up 0.8 percent at $3,285 a tonne, having earlier touched a two-week high of $3,288. It was up 1.5 percent in Shanghai after customs data on Monday showed that China's zinc imports jumped by 151 percent in February.

* COMEX: Hedge funds and money managers cut their net long positions in COMEX gold and copper contracts in the week to March 20, U.S. Commodity Futures Trading Commission (CFTC) data showed on Friday.

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MARKETS NEWS

* Asian share markets rallied on Tuesday as reports of behind-the-scenes talks between the United States and China rekindled hopes a damaging trade war could be averted, in turn sapping the strength of the dollar and yen.

PRICES

BASE METALS PRICES 0212 GMT Three month LME copper 6685 Most active ShFE copper 49680 Three month LME aluminium 2061.5 Most active ShFE aluminium 13810 Three month LME zinc 3285 Most active ShFE zinc 24955 Three month LME lead 2395 Most active ShFE lead 18585 Three month LME nickel 13075 Most active ShFE nickel 97490 Three month LME tin 20915 Most active ShFE tin 142320

BASE METALS ARBITRAGE

LME/SHFE COPPER LMESHFCUc3 920.46 LME/SHFE ALUMINIUM LMESHFALc3 -1180.21 LME/SHFE ZINC LMESHFZNc3 500.45 LME/SHFE LEAD LMESHFPBc3 296.59 LME/SHFE NICKEL LMESHFNIc3 650.17

($1 = 6.2637 Chinese yuan renminbi)

(Reporting by Tom Daly Editing by Kenneth Maxwell)