Copper steadies

Melbourne

London copper edged up on Monday on supply concerns, steadying after its biggest daily fall so far this year in the previous session in the wake of surprise economic tightening in top consumer China.

China´s central bank surprised financial markets on Friday by raising short-term interest rates on the first day back from a long holiday, in a further sign of policy tightening as the economy shows signs of steadying.

"The raising of rates surprised the market, and saw a wave of selling emerge as Chinese markets reopened after the Lunar New Year holiday," ANZ said in a report.

"Sentiment was also impacted by weaker-than-expected factory data. While a surprise, we don´t see this as the start of a sustained trend of selling, with investors still relatively bullish on the sector. "Three-month copper on the London Metal Exchange had risen 0.3 percent to $5,791.50 a tonne by 0155 GMT.