* GRAPHIC-2019 asset returns: (Adds aluminium technicals, updates prices)By Eric OnstadLONDON, Nov 5 (Reuters) - Copper climbed to a seven-weekhigh on Tuesday as hopes of a U.S.-China trade deal promptedbearish investors to buy back positions.The Dow Jones industrial average hit a new intra-dayrecord high, the Chinese yuan advanced to a three-month peak andoil also rose after people close to the negotiations said Chinawas pushing U.S. President Donald Trump to remove more tariffsimposed in September as part of a so-called Phase 1 trade deal. "We've seen some positive trade headlines and we'reoptimistic. We think we're going to get a Phase 1 trade deal andthat opens the playbook for Dec. 15 and tariffs to be pushedback," said Citigroup analyst Oliver Nugent."Copper is a real macro story, the fundamentals are taking aback seat and we're dancing around the headlines ... you've seena decent bit of short-covering."Most of the bearish positions in copper are probably linkedto computer-generated algorithms largely used by commodity tradeadvisor (CTA) funds, he added.Three-month copper on the London Metal Exchange (LME) had climbed 1.4% to $5,957 a tonne by 1500 GMT, thehighest since Sept. 16 and on track for its third straight dailygain.
* COPPER SUPPLY: Antofagasta's production cuts in Chile havedoubled to about 10,000 tonnes, it said, citing worker protestsin the South American nation.
* CHINA COPPER: Copper in China's bonded warehouses dropped to a record low of 243,500 tonnes inNovember, monthly data from Shanghai Metals Market shows.
* INDONESIA NICKEL: China's top nickel producer JinchuanGroup will feel some impact from Indonesia's ban on ore exportsfrom 2020 but will be able to plug the supply gap, partly byusing its own mines, a company executive said onTuesday. LME nickel slipped 1% to $16,210 a tonne.
* ZINC SPREADS: LME cash zinc's premium over the three-monthcontract CMZN0-3> rose to $62 a tonne. That is the highest sinceJuly 1, having been in backwardation of $40 at the end ofOctober. The high premium indicates near-term shortages of metalin the LME system.
* ALUMINIUM TECHNICALS: Aluminium has more upside afterbreaking above its nine-month downtrend, said Commerzbanktechnical analyst Axel Rudolph."Further up, the May and July peaks can be spotted at$1,866/$1,871. These represent our upside targets," he said in anote.
* PRICES: LME aluminium rose 0.1% to $1,816 a tonne,zinc gave up 0.2% to $2,535, lead edged up 0.1%to $2,163 and tin was up 0.5% at $16,510.
* For the top stories in metals and other news, click or ($1 = 7.0121 Chinese yuan) (Reporting by Eric OnstadEditing by David Goodman)