* Global equities hit record highs, dollar falls
* China's refined copper imports fell 36.2 percent in March
* LME/SHFe arb: tmsnrt.rs/2oQ5nm2 (Adds closing prices)
By Maytaal Angel
LONDON, April 25 (Reuters) - Copper hit a week high on Tuesday as risk appetite continued to strengthen following centrist Emmanuel Macron's victory in the first round of the French presidential election on Sunday, though gains were capped by worries over demand in China.
With opinion polls showing Macron as strong favourite to beat far-right, Eurosceptic candidate Marine Le Pen in the final run-off, investors have pretty much priced out the risk of a Brexit-like political shock.
Also helping copper, the dollar languished near five-month lows versus the euro, making dollar-priced copper cheaper for non-U.S. investors.
"Positive sentiment is impacting copper this morning, but we are still bearish, we don't buy into the shortage story. Also, the Chinese economy looks like its reached a cyclical peak ... look at the imports data published by customs," said Julius Baer analyst Carsten Menke.
* COPPER PRICES: Three-month copper on the London Metal Exchange ended up 0.9 percent at $5,706 a tonne, having earlier hit its highest in a week at $5,722.
* COPPER IMPORTS: China's refined copper imports fell 36.2 percent in March versus a year ago, customs data showed. China consumes about 40 percent of the world's copper.
* TECHNICALS: LME copper is biased to fall to $5,592 per tonne, after its failure to break a resistance at $5,689.
* COPPER SUPPLY: Freeport-McMoRan Inc, which resumed copper concentrate exports from Indonesia on Friday, said it will immediately begin negotiations with Jakarta on a long-term license for Grasberg, the world's second-biggest copper mine.
* WIDER MARKETS: World stocks hit record highs amid relief at Macron's victory and as investors turned their attention to U.S. President Donald Trump's promise to announce "a big tax reform and tax reduction" on Wednesday.
* ALUMINIUM DEMAND: Aluminium producer Alcoa Corp raised its forecast for aluminium demand growth in 2017 to 4.5-5 percent, up from 4 percent projected in January. It also sees a "modest" market surplus of 300,000-700,000 tonnes.
* ALUMINIUM SUPPLY: Riots paralysed a major bauxite mining hub in Guinea, Africa's top producer of the aluminium-making raw material, as residents erected barricades and burned tyres to protest against high pollution and power cuts.
* ALUMINIUM PRICES: Aluminium closed up 0.9 percent at $1,963 a tonne.
* OTHER METALS: Tin ended down 0.1 percent at $19,625, lead closed up 0.4 percent at $2,170, zinc ended up 0.1 percent at $2,605.50 while nickel closed up 0.7 percent at $9,320, having earlier hit its lowest since last June at $9,230.
Three month LME copper
Most active ShFE copper
Three month LME aluminium
Most active ShFE aluminium
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 = 6.8835 Chinese yuan)
Additional reporting by James Regan; Editing by Keith Weir and David Evans