Melbourne
London copper climbed on Wednesday as traders took profit on short positions ahead of China trade data, after large inventory flows into exchange warehouses sent prices to a five-week low.
London Metal Exchange copper stocks have surged by a third in the past week to the highest since late January at 262,000 tonnes, raising concerns over demand in Asia.
"We think price consolidation in the metals space is short term as metals, especially copper and nickel, continue to face supply uncertainties while demand across the globe is getting more visible led by China and US," Argonaut Securities said in a report.
Three-month copper on the London Metal Exchange was up 0.4 percent at $5794 a tonne by 0239 GMT, paring 1.5 percent losses from the previous session.
Prices on Tuesday fell to $5,759 a tonne, the weakest since Feb 3. Shanghai Futures Exchange copper was down 1 percent to 47150 yuan ($6,831) a tonne.
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