* Half percent fall by greenback lifts copper for second day * Nickel up for seventh day, rising cancelled ratio supports (Updates prices, adds details) SINGAPORE, Feb 16 (Reuters) - London Metal Exchange copper rose for a second day on Tuesday, tracking small losses in the dollar to build on the previous session's 0.9 percent rise. Much of Asia remained shut for Lunar New Year holidays, but turnover at 790 lots by 0659 GMT, less than half of normal, was still more than three times that in the previous Asian trading day on Monday. Prices CMCU3 rose $70 to $6,940, $5 shy of the high for the day and well off an early low of $6,900. Currencies remain a key driver, with the collapse in the euro in the past few months making copper much more expensive for euro zone buyers than for those in the United States. The greenback fell 0.5 percent versus the euro on Tuesday to $1.3659, but remains about 10 percent stronger than lows in late November EUR=. Since the end of September last year LME copper has risen around 15.5 percent in dollar terms, but the cost in euro terms is up 23 percent, reflecting the falling buying power of the single currency. For a graphic showing comparative performance of copper priced in dollars and euros, double-click: here "Currencies are certainly affecting copper," said David Moore, commodities strategist at Commonwealth Bank in Sydney. Nickel CMNI3 rose $149 to $19,499, its seventh consecutive daily rise. Prices have rallied more than 10 percent in the past week or so, while copper prices have risen about 7 percent in the same period. "It's hard to rationalise the 12 percent rise in the past week. Fundamentally, the market is likely to be characterised by surpluses for the next few years. In the nearer term, the rise in cancelled warrants may be offering some support," Moore said. "So at the moment we are seeing a bit of a recovery in nickel, but it does look vulnerable." Cancelled nickel warrants at 5,388 tonnes represent 3.3 percent of the total stock, versus less than half a percent at the end of last year. Lead CMPB3 rose 2.1 percent to $2,225, building on a 2.3 percent rise in the previous session. Lead is the second weakest of the LME metals, down 8.5 percent on the year, but ahead of zinc CMZN3. Prices have come under pressure from a 23 percent rise in stocks since the end of September last year but harsh weather in the northern hemisphere and its damaging impact on vehicle batteries, the primary use of lead, could see demand lift. Tin CMSN3 rose almost 1 percent, shrugging off higher exports by Indonesia in January, estimated by the trade ministry to rise to 6,774.57 tonnes from 6,185.74 tonnes a year ago. [ID:nJAK390792] Base metals prices at 0659 GMT Metal Last Change Pct Move End 2009 YTD pct chg LME Cu 6940.00 70.00 +1.02 7375.00 -5.90 LME Alum 2074.00 20.00 +0.97 2230.00 -7.00 LME Zinc 2241.50 41.50 +1.89 2560.00 -12.44 LME Nickel 19482.00 132.00 +0.68 18525.00 5.17 LME Lead 2225.00 45.00 +2.06 2432.00 -8.51 LME Tin 16650.00 155.00 +0.94 16950.00 -1.77 LME/Shanghai arb^ -931 Dollar/yuan 6.8326 \ 6.8341 ** 1st contract month for COMEX copper * 3rd contact month for SHFE aluminium, copper and zinc ^ LME 3-m copper in yuan, including 17 pct VAT, minus SHFE third month (Reporting by Nick Trevethan; Editing by Himani Sarkar)

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