METALS-London copper rebounds on short-covering

(Updates prices) By Mai Nguyen Oct 16 (Reuters) - London copper rose on Wednesday as investors squared their bets on lower prices after a rebound from a key psychological support level and ahead of a Chinese conference on the property sector. Three-month copper on the London Metal Exchange (LME) CMCU3 was up 0.7% at $9,597.50 per metric ton by 0817 GMT, rebounding from a three-week low hit in the previous session. The most-traded November copper contract on the Shanghai Futures Exchange (SHFE) SCFcv1 closed down 0.2% at 76,720 yuan ($10,778.01) a ton, tracking overnight losses in London. Gains in metals prices were limited as the dollar firmed on bets that U.S. rate cuts will be gradual. A stronger dollar makes greenback priced metals more expensive to holders of other currencies. "Everyone is just waiting for various announcements (from China)," a trader said, adding that $9,500 is a technical and psychological support level. "Price is just fluctuating about," the trader added. Another trader said that there was some short-covering ahead of a press conference on China's property sector, scheduled for Thursday. More details on China's stimulus measures may be revealed at the country's National People's Congress later in October. In late September, metal prices surged after a U.S. rate cut weighed on the dollar and on China's pledges of strong stimulus measures to boost the economy. However, prices have retreated as follow-up announcements from China lacked details and disappointed investors. LME aluminium CMAL3 rose 0.8% to $2,592 a ton, zinc CMZN3 edged up 0.5% at $3,069, lead CMPB3 increased 0.4% to $2,087.50, tin CMSN3 advanced 0.9% to $32,680 while nickel CMNI3 edged down 0.5% at $17,330. SHFE aluminium SAFcv1 eased 0.1% to 20,705 yuan a ton, nickel SNIcv1 fell 0.9% to 132,550 yuan, while zinc SZNcv1 rose 1.1% to 25,300 yuan, lead SPBcv1 climbed 1.7% to 16,790 yuan and tin SSNcv1 advanced 1.3% to 266,850 yuan. For the top stories in metals and other news, click TOP/MTL or MET/L ($1 = 7.1182 yuan) (Reporting by Mai Nguyen in Hanoi; Editing by Sonia Cheema, Mrigank Dhaniwala and Louise Heavens) (([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 ))