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METALS-Copper falls from 5-week high as dollar recovers

SINGAPORE, June 26 (Reuters) - London copper retreated on Wednesday from a five-week high hit in the previous session, as the dollar recovered after comments from the U.S. Federal Reserve chairman curbed dovish enthusiasm.

Three-month copper on the London Metal Exchange fell 0.4% to $6,018 a tonne by 0138 GMT, after hitting its highest since May 21 in the previous session.

The dollar edged up from a three-month low as investors dialed back hopes for a strong U.S. rate cut, after Fed Chairman Jerome Powell stressed its independence from U.S. President Donald Trump, who is pushing for steep cuts.

A stronger dollar makes greenback-priced metals more expensive for holders of other currencies.

The most-traded copper contract on the Shanghai Futures Exchange, however, rose 0.8% to 47,290 yuan ($6,867.36) a tonne.

FUNDAMENTALS

* TRADE TALKS: The United States hopes to re-launch trade talks with China after their presidents meet on Saturday, but Washington will not accept any conditions around the U.S. use of tariffs in the dispute, a senior U.S. official said.

* CHINA: China's retail sales is seen growing at a slower-than-expected pace and would now overtake the United States only in 2021 rather than this year, as the Sino-U.S. trade war takes a toll on demand, said market researcher eMarketer.

* RARE EARTH: China's exports of rare earth magnets to the United States rose more than 20% in May from the previous month to their highest since at least 2016, official data showed on Tuesday, as Beijing considers restricting shipments.

* PRICES: Benchmark aluminum fell 0.3%, nickel eased 0.3%, zinc decreased 0.7% and lead was 0.5% lower. In Shanghai, most metals rose, with nickel gaining 0.9% and zinc jumping 1.2%.

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MARKETS NEWS

* Asian stocks slipped and the dollar pulled back from three-month lows after Fed officials tempered expectations in the markets for aggressive monetary easing.

DATA/EVENTS (GMT)

0600 Germany Gfk Consumer Sentiment July

0645 France Consumer Confidence July

1230 US Durable Goods May

PRICES

Three month LME copper

Most active ShFE copper

Three month LME aluminum

Most active ShFE aluminum

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 = 6.8862 Chinese yuan)

(Reporting by Mai Nguyen; Editing by Subhranshu Sahu)