NEW YORK, Nov 24 (Reuters) - U.S. copper futures rallied almost 9 percent to a one-week high above $1.70 a lb early Monday in response to strong Chinese trade data, firmer equity markets, and a weaker dollar. For the latest detailed report, click on [MET/L] * Most-active copper for March delivery HGH9 rose 12.65 cents, or 8 percent, to $1.7055 a lb by 10:21 a.m. EST (1521 GMT)) on the New York Mercantile Exchange's COMEX division. * The range from $1.5555 to $1.72, which marked the contract's highest level since Nov. 14. * COMEX estimated volume at 9,847 lots by 9 a.m. * Strong import trade statistics from China, the world's leading metals consumer, the spark for the morning rally - traders. * China's monthly refined copper imports rose 15 percent in October to an eight-month high, boosted by attractive profit margins. [nHKG4104] * Copper up in sympathy with upbeat broader market sentiment as investor risk aversion cools on news of a United States rescue package for banking giant Citigroup (C.N: Quote, Profile, Research, Stock Buzz), valued at $300 billion. * An in-line drop in U.S. October existing home sales data fuels further gains in the broader complex. [ID:nN24480952] * Early losses in the U.S. dollar adds to copper's appeal, making the dollar-denominated metal less expensive for foreign investors. [USD/] * "We would not be surprised to see this rally run a little further given how short the market is at the moment, but we think there is much to be done before confidence is completely restored to the market and that rallies will continue to be used as a selling opportunity." - RBC Capital Markets. * Net speculative short position in COMEX copper futures grew to 16,244 lots in week ended Nov. 18, from 15,409 lots during week of Nov. 11. [ID:nN21501095] * London Metal Exchange warehouse stocks added another 1,275 tonnes on Monday, bringing total inventory levels to 284,400 tonnes. * COMEX copper stocks were unchanged at 13,802 short tons as of Friday. * Global copper prices to average about $1.60 a lb in 2009 due to spreading global financial crisis and concerns about demand from China, which consumes 25 percent of the world's copper - Chile's state copper commission, Cochilco. * Freeport-McMoRan Copper & Gold Inc (FCX.N: Quote, Profile, Research, Stock Buzz) ma y decide this week whether to go ahead with a project to extend the life of the El Abra copper mine in Chile. [ID:nN24501317] * LME copper for three month delivery rallied as much as 7.6 percent to an intraday high at $3,810 a tonne. It was last at $3,765, up $225 from Friday's close. (Reporting by Chris Kelly)

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