METALS-London copper rebounds as market awaits China stimulus cues

(Updates prices) By Mai Nguyen Oct 10 (Reuters) - Copper prices rose in London on Thursday, rebounding from a two-week low hit in the previous session, as traders and investors awaited a China briefing later this week for more stimulus cues. Three-month copper on the London Metal Exchange (LME) CMCU3 rose 0.2% to $9,693 per metric ton by 0732 GMT. The contract hit its lowest since Sept. 24 in the previous session on disappointment over China's latest stimulus announcement. The most-traded November copper contract on the Shanghai Futures Exchange (SHFE) SCFcv1 closed down 1% at 76,870 yuan ($10,869.93) a ton, tracking overnight losses in London. Prices have returned to levels seen before China started announcing its supportive measures, which have been below expectations and lacked details. Market players are now looking forward to a news conference by China's finance ministry on Saturday, where the government is expected to detail its plans on fiscal stimulus. "We expect copper demand will find some support from the recent stimulus... However, if prices continue to increase due to the optimism emerging from interest rate cuts, demand could be hit... as end-use players may delay placing orders," said consultant Zhifei Liu at Wood Mackenzie. "The latest rally in copper prices, as well as the (Oct. 1-7) National Day Holiday, has weakened purchasing interests of semis manufacturers, especially copper-wire rod players." LME copper prices have declined 1.3% so far this month after rising 6.4% in September in their best monthly gain since April. LME aluminium CMAL3 rose 0.6% to $2,557 a ton, nickel CMNI3 fell 0.2% to $17,345, zinc CMZN3 advanced 0.1% to $3,022.50, tin CMSN3 was up 0.5% at $32,655 while lead CMPB3 was nearly flat at $2,062.50. SHFE aluminium SAFcv1 edged up 0.1% at 20,585 yuan a ton while tin SSNcv1 fell 0.4% to 264,500 yuan, nickel SNIcv1 dropped 1.9% to 132,330 yuan, zinc SZNcv1 declined 1.5% to 24,800 yuan and lead SPBcv1 shed 1.9% to 16,525 yuan. For the top stories in metals and other news, click TOP/MTL or MET/L ($1 = 7.0718 yuan) (Reporting by Mai Nguyen in Hanoi; Editing by Subhranshu Sahu and Mrigank Dhaniwala) (([email protected]; Reuters Messaging: [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 ))