METALS-Copper picks up from near from 1-year low; nickel surges

(Adds broker comment, updates prices) MELBOURNE/BEIJING, July 12 (Reuters) - London copper shrugged off an early dip to trade higher on Thursday, while nickel jumped by as much as 3.8 percent as base metals staged a fragile recovery from the recent trade war-driven sell-off. Heavy losses in the previous session had pushed London Metal Exchange (LME) copper to its weakest in an almost a year as trade tensions between the United States and China undermined confidence in demand for metals. "For now prices have corrected as they take their lead from the global equity markets that have rallied off their lows but the metals volumes are thin," Malcolm Freeman, CEO of Kingdom Futures, wrote in a note. The bounce "appears to be no more than a correction ... with the possibility of more falls being ever present," he cautioned.

FUNDAMENTALS

* LME COPPER: Three-month LME copper was up 1.3 percent at $6,222.50 a tonne by 0522 GMT, following steep losses in the previous session when prices hit $6,081 a tonne, the weakest since July 25 last year.

* SHFE COPPER: Shanghai Futures Exchange copper was up 0.9 percent at 48,810 yuan ($7,298.69) a tonne by the mid-session interval, above a 1-year low of 48,390 yuan a tonne struck on Wednesday.

* NICKEL: Nickel was the biggest gainer in the base metals complex, climbing as much as 3.8 percent to $14,410 a tonne in London, its highest in a week, while Shanghai nickel rallied as much as 4 percent.

* TRADE: China accused the United States of bullying and warned it would hit back after the Trump administration raised the stakes in their trade dispute, threatening 10 percent tariffs on $200 billion of Chinese goods in a move that rattled global markets.

* FREEPORT: The Indonesian government is expected on Thursday to announce the details of a deal to acquire a majority stake in the local unit of U.S. copper miner Freeport McMoRan Inc, a source with knowledge of the matter said.

* GLENCORE: Glencore Plc faces at least two lawsuits by U.S. shareholders accusing the big Anglo-Swiss mining company of having made false and misleading disclosures before it received a subpoena in a corruption probe, and its stock tumbled.

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MARKETS NEWS

* Stocks and commodities recovered slightly on Thursday as markets tried to consolidate from the previous session's steep losses when fears of an escalation in the U.S.-China trade war jolted investor sentiment.

DATA AHEAD (GMT) 0900 Euro zone Industrial production May 1130 European Central Bank publishes accounts of June 13-14 policy meeting 1230 U.S. Consumer prices Jun 1230 U.S. Weekly jobless claims PRICES 0524 GMT

Three month LME copper 6220 Most active ShFE copper 48800 Three month LME aluminum 2079.5 Most active ShFE aluminum 14120 Three month LME zinc 2606.5 Most active ShFE zinc 20895 Three month LME lead 2224 Most active ShFE lead 19015 Three month LME nickel 14340 Most active ShFE nickel 114210 Three month LME tin 19420 Most active ShFE tin 143420 LME/SHFE COPPER LMESHFCUc3 233.68 LME/SHFE ALUMINIUM LMESHFALc3 -2087.31 LME/SHFE ZINC LMESHFZNc3 -63.67 LME/SHFE LEAD LMESHFPBc3 85.32

($1 = 6.6875 Chinese yuan renminbi)

(Reporting by Melanie Burton and Tom Daly; editing by Kenneth Maxwell and Richard Pullin)