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METALS-Copper rebounds on bargain buying; trade woes curb gains

Mai Nguyen

(Adds detail and updates prices)

SINGAPORE, May 14 (Reuters) - Copper prices rose on Tuesday on bargain buying with the metal having tumbled to a 15-month low in the previous session on escalated trade tensions between Beijing and Washington.

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 was up 0.7% at $6,054.50 a tonne, as of 0355 GMT, rebounding from a 15-month low hit in the previous session.

Lead also rebounded from a 33-month low hit on Monday, rising 0.6% to $1,796 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, 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 the U.S. and China," Hynes said.

FUNDAMENTALS

* COPPER STOCKS: Copper inventories in warehouses approved by the London Metal Exchange (LME) <MCUSTX-TOTAL> on Friday hit 203,750 tonnes, its lowest since April 25, latest data showed.

* COPPER DEFICIT: 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.

* PRICES: Three-month aluminium on the LME eased 0.1%, nickel was almost flat and zinc increased 0.7%.

* SHANGHAI: All base metals in Shanghai fell, with the most-active copper contract losing 0.3% to 47,590 yuan ($6,927.12) a tonne.

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PRICES

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 = 6.8701 Chinese yuan)

(Reporting by Mai Nguyen; Editing by Shreejay Sinha and Sherry Jacob-Phillips)