Adds analyst comment and LONDON dateline, updates prices

By Eric Onstad

LONDON, Oct 16 (Reuters) -Copper prices rebounded on Wednesday after the market stabilised at a key support level amid hopes that China will reveal more support for its ailing property sector.

Three-month copper on the London Metal Exchange (LME) CMCU3 was up 1% at $9,624 per metric ton by 0945 GMT after touching a three-week low in the previous session.

"The market is trying to establish some support in this area around $9,500, which is both technical and psychological support," said Ole Hansen, head of commodity strategy at Saxo Bank in Copenhagen.

"The market is trying to work out what kind of impact the initiatives from China will actually have on the market. The trajectory of rates coming down and a small bazooka in China should be enough to stabilise prices."

A trader said that there was some short-covering ahead of a press conference on China's property sector scheduled for Thursday.

In late September, metal prices surged after China pledged strong stimulus measures to boost the economy, but they have since retreated as follow-up announcements from China lacked details and disappointed investors.

More details on China's stimulus measures may be revealed at the country's National People's Congress later in October.

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.

Nickel CMNI3 was the only LME metal in the red, slipping 0.2% to $17,395 after hitting the lowest in more than two weeks at $17,250.

LME stocks have continued to pile up, highlighting a surplus in the market, having surged by 40% since the start of July to the highest since November 2021. MNISTX-TOTAL

Among other metals, LME aluminium CMAL3 gained 1.2% to $2,600 a ton, zinc CMZN3 rose 0.9% to $3,081, lead CMPB3 added 0.8% to $2,096.50 and tin CMSN3 advanced 0.9% to $32,690.

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($1 = 7.1182 yuan)

Reporting by Eric Onstad;
Additionial reporting by Mai Nguyen in Hanoi; Editing by Emelia Sithole-Matarise

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