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SINGAPORE, May 14 (Reuters) - Most industrial metals rose on bargain buying on Tuesday after prices tumbled in recent sessions due to escalated trade tensions between China and the United States.
China said on Monday it would impose higher tariffs on most U.S. imports on a revised $60 billion target list, hitting back at a U.S. tariff increase on $200 billion worth of Chinese goods, just days after markets were expecting a trade deal.
Benchmark copper rose 0.8% to $6,060 a tonne at 0207 GMT, rebounding from a 15-month low hit in the previous session, while lead pulled back from a 33-month low hit on Monday, rising 0.7% to $1,797.50 a tonne.
"The selloff has been a little overdone so I suspect there's a bit of opportunistic buying. Metals' upside has been constrained due to the cloud surrounding the macro backdrop," said Daniel Hynes, a senior commodity strategist at ANZ.
"There's a good chance we could see some of the losses we saw over the past few days recovered, but I think the upside is limited for the moment until there is some sort of clarity around the trade agreement between U.S. and China," Hynes said.
* Copper inventories in warehouses approved by the London Metal Exchange (LME) <MCUSTX-TOTAL> fell further on Friday to its lowest since April 25 at 203,750 tonnes, latest data showed.
* The copper market should see a deficit of 189,000 tonnes this year, widening to 250,000 tonnes in 2020, the International Copper Study Group said on Monday.
* Three-month aluminium on the LME rose 0.1% to $1,811.50 a tonne, nickel advanced 0.6% and zinc increased 0.9%.
* All base metals in Shanghai fell, with the most-active copper contract losing 0.3% to 47,560 yuan ($6,917.62) a tonne.
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* Shares in Asia extended losses following sharp falls on Wall Street overnight, the yen strengthened and U.S. Treasury yields ticked lower as the trade war between China and the United States escalated.
0600 Germany HICP Final YY April
0630 India WPI Inflation YY April
0830 UK Claimant Count Unem Chng April
0830 UK ILO Unemployment Rate March
0900 Germany ZEW Economic Sentiment May
0900 Germany Zew Current Conditions May
Three month LME copper
Most active ShFE copper
Three month LME aluminium
Most active ShFE aluminium
Three month LME zinc
Most active ShFE zinc
Three month LME lead
Most active ShFE lead
Three month LME nickel
Most active ShFE nickel
Three month LME tin
Most active ShFE tin
ARBS ($1 = 6.8752 Chinese yuan)
(Reporting by Mai Nguyen; Editing by Shreejay Sinha)