* Macron and Le Pen top first round of French vote
* European shares surge 2 pct, euro up 1.3 pct
* LME/SHFe arb: tmsnrt.rs/2oQ5nm2 (Updates with closing prices)
By Jan Harvey
LONDON, April 24 (Reuters) - Copper rose on Monday as centrist candidate Emmanuel Macron's strong performance in the first round of the French presidential election boosted appetite for cyclical assets, sending stock markets sharply higher.
Sunday's vote, which could pave the way for pro-EU Macron to beat far-right rival Marine Le Pen in a deciding vote next month, delivered the outcome broadly favoured by investors. The euro also leapt.
"There's a bit of a risk-on mood after the outcome of the first round of the presidential election in France, which has lent some buoyancy to the prices," said Commerzbank analyst Daniel Briesemann.
Nonetheless, copper remains vulnerable to a further correction, he said, after an unwinding of the post-U.S. election reflation trade pulled it back from first-quarter peaks.
"Prices went too high and there was, and still is, correction potential," he said. "To me, this is nothing more than a short plateau in the downtrend. I'm convinced that we'll see copper below $5,500 in a relatively short period of time."
* PRICES: Three-month copper on the London Metal Exchange closed at $5,656 a tonne, up 0.6 percent.
* FINANCIAL MARKETS: The euro hit five-month highs and European shares rallied 2 pct after Macron won through in the first round of the French election, reducing the risk of a Brexit-like shock.
* ANGLO AMERICAN: Mining company Anglo American reported a 9 percent rise in overall production for the first quarter of 2017 compared with 2016, but copper output fell 3 percent because of poorer grades and a temporary suspension at the El Soldado mine in Chile.
* KOREA: North Korea said on Sunday that it was ready to sink a U.S. aircraft carrier to demonstrate its military might, in the latest sign of rising tension as U.S. President Donald Trump prepared to call the leaders of China and Japan.
* MARKET SURPLUS: The global refined copper market had a 51,000 tonne surplus in January, up from 44,000 tonnes in January last year, the International Copper Study Group (ICSG) said.
* TECHNICALS: LME copper could fall to $5,592 a tonne after its failure to break resistance at $5,689, while LME aluminium could test support at $1,931, Reuters technical analyst Wang Tao said.
* ALUMINIUM STOCKS: Aluminium stocks in LME-registered warehouses MAL-STOCKS fell by a further 9,625 tonnes on Friday, exchange data showed, taking them to their lowest since November 2008.
* OTHER METALS: LME aluminium closed with a 0.7 percent gain at $1,946 a tonne, while zinc finished 0.8 percent up at $2,604 and lead 0.9 percent higher at $2,162. Tin closed 1.1 percent down at $19,650, with nickel retreating by 0.9 percent to $9,260.
Additional reporting by James Regan in Sydney; Editing by Louise Heavens and David Goodman