BEIJING, May 11 (Reuters) - London aluminium prices fell for a second session on Friday as technical selling continued to affect the light metal despite plunging London Metal Exchange (LME) inventories. Trading volumes were again subdued, with just over 700 lots changing hands by 0510 GMT, after Thursday's session was marked by trade selling and bearish options activity. However, broker Marex Spectron said in a note it estimates that long positions on aluminium are "rebuilding from the recent low" of 2.4 percent of open interest - an indicator of market liquidity - to 5.4 percent this week. LME aluminium stocks are at their lowest level since 2007 after the exchange said it would stop accepting Rusal metal from April 17, although it is now reassessing the situation after the United States gave customers of the Russian producer more time to comply with sanctions. FUNDAMENTALS * LME ALUMINIUM: Three-month aluminium on the LME was down by 1.5 percent to $2,301.50 a tonne by 0541 GMT, having closed down 1.3 percent in the previous session. * ALUMINIUM: The metal is down 2.1 percent in London so far this week but is still up by around 14.6 percent since April 5, the day before the United States imposed sanctions on Russian producer Rusal. * TECHNICALS: LME aluminium is expected to fall to $2,254 per tonne, as it has ended a bounce around a resistance at $2,382, Reuters market analyst Wang Tao says. * RUSAL: Rusal boosted first-quarter recurring net profit on Friday amid stronger aluminium prices, but warned that sanctions imposed by the United States in April could harm its business. * EGA: Emirates Global Aluminium's stock market listing is likely to slip to 2019 because of turmoil in global aluminium markets after the United States imposed sanctions on Rusal, three sources familiar with the deal said. * COPPER: LME copper edged down 0.3 percent, having jumped by 1.6 percent on Thursday as inventories continued to fall, but is on course for a 1.1 percent gain this week. The most-traded July copper contract on the Shanghai Futures Exchange climbed 0.6 percent to 51,410 yuan ($8,104.23) a tonne. For the top stories in metals and other news, click or MARKETS NEWS * Asian shares rallied on Friday as risk appetite got a boost from soft U.S. inflation, helping alleviate worries of faster rate hikes by the Federal Reserve, while investors also cheered U.S.-North Korean steps to further ease tensions on the Korean Peninsula.