METALS-London copper rebounds after price slide

(Recasts, updates prices) BEIJING, Sept 9 (Reuters) - London copper prices rebounded on Monday as buyers were tempted back by the drop in prices after the metal's biggest weekly loss since mid-July and by signs of more stable demand in China. Three-month copper CMCU3 on the London Metal Exchange was up 1.5% at $9,134.50 a metric ton by 0815 GMT, reversing losses in early trade. The most traded October copper contract on the Shanghai Futures Exchange SCFcv1 lost 0.3% to 72,410 yuan ($10,181.67) a ton. Copper prices, often viewed as an economic bellwhether, were in retreat last week, coumpounded by jobs data showing U.S. labour market momentum slowing more than expected. However, the market has rebounded on the price dip, with investors still holding an optimistic view on copper's longer-term demand outlook, analysts said, while expectations of a September cut to interest rates also underpins the market. Chile's state-run copper commission said last week that a global shortage of mined copper will continue into 2025. Meanwhile, consecutive inventory declines in China, the world's top consumer, suggest demand is stabilising. Investors are awaiting further data this week for more clues on U.S. interest rates and Chinese demand. China's consumer inflation accelerated in August to the fastest pace in half a year but that was due more to higher food costs from weather disruptions than a recovery in domestic demand as producer price deflation worsened. In other metals, LME nickel CMNI3 rose 0.5% to $15,975 a ton, lead CMPB3 added 0.4% to $1,970, aluminium CMAL3 was little changed at $2,343 while zinc CMZN3 advanced by 1% to $2,744.50 and tin CMSN3 firmed by 0.4% to $31,150. SHFE aluminium SAFcv1 was down 0.4% at 19,215 yuan a ton, nickel SNIcv1 declined 0.8% to 122,800 yuan, zinc SZNcv1 gained 0.5% to 22,845 yuan, lead SPBcv1 lost 2.5% to 16,475 yuan and tin SSNcv1 rose 0.5% to 251,340 yuan. For the top stories in metals and other news, click TOP/MTL or MET/L ($1 = 7.1118 Chinese yuan renminbi) (Reporting by Siyi Liu and Colleen Howe Editing by Mrigank Dhaniwala and David Goodman ) (([email protected];)) (( For related news and prices, click on the codes in brackets: LME price overview RING= COMEX copper futures 0#HG: All metals news MTL All commodities news C Foreign exchange rates FX= SPEED GUIDES LME/INDEX ))