METALS-Most base metals firm on softer US dollar, fresh China stimulus

By Anushree Mukherjee

March 5 (Reuters) - Most base metals gained on Wednesday, with London copper prices hitting a one-week high, supported by a weaker U.S. dollar and latest stimulus measures from top consumer China.

Three-month copper on the London Metal Exchange (LME) CMCU3 rose 1.2% to $9,452.5 a metric ton, its highest point since February 26, by 0659 GMT.

The most-active copper contract on the Shanghai Futures Exchange SCFcv1 added 0.4% at 77,490 yuan($10,667.38)a metric ton.

The absence of dollar strength and latest stimulus measures from China are likely providing some form of support at this juncture to base metals, said Kelvin Wong, OANDA's senior market analyst, Asia Pacific.

The dollar index .DXY eased 0.2% against its rivals, making greenback-priced commodities cheaper for buyers holding other currencies.USD/

China unlocked more fiscal stimulus at the meeting of the National People's Congress (NPC), signalling greater efforts to boost consumption as a means to ring-fence the economy's path towards this year's roughly 5% growth target amid an escalating trade war with the United States.

U.S. President Donald Trump's fresh 25% tariffs on imports from Mexico and Canada took effect on Tuesday, along with a doubling of duties on Chinese goods to 20%.

China retaliated swiftly, announcing hikes to import levies covering $21 billion worth of American agricultural and food product, moving the world's top two economies a step closer towards an all-out trade war.

SHFE aluminium SAFcv1 fell 0.2% to 20,630 yuan a ton, zinc SZNcv1 slipped 0.4% to 23,650 yuan, nickel SNIcv1 gained 0.6% to 128,890 yuan, lead SPBcv1 rose 0.8% to 17,380 yuan and tin SSNcv1 firmed 0.1% to 256,990 yuan.

LME aluminium CMAL3 gained 0.5% to $2,629.5 a ton, zinc CMZN3 added 0.5% to $2,825.5, lead CMPB3 firmed 0.5% to $2,019.5, nickel CMNI3 soared 0.6% to $16,075 and tin CMSN3 advanced 0.2% to $31,650.

($1 = 7.2642 yuan )