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London metals rebound, but China demand concerns cap gains



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BEIJING, July 23 (Reuters) -Prices of copper and other base metals in London climbed on Tuesday after recent falls, although gains were limited by concerns about demand from China.

Three-month copper on the London Metal Exchange CMCU3 was up 0.4% at $9,250.50 per metric ton as of 0154 GMT. The contract had hit its lowest level in more than three months in the last session.

The most-traded September copper contract on the Shanghai Futures Exchange SCFcv1 slid 0.7% to 75,690 yuan ($10,406.41) a ton.

China last week reported weaker-than-expected second-quartereconomic growth, raising concerns about metals demand from top consumer China and sparking a sell-off in the market.

China surprised markets by cutting major short- and long-term interest rates on Monday, its first such broad move since August last year.

However, this did little to ease concerns around demand. The market was also disappointed by a lack of further stimulus from the plenum last week, ANZ analysts said in a note.

LME aluminium CMAL3 gained 1.1% to $2,326 a ton, lead CMPB3 added 0.5% at $2,093.50, zinc CMZN3 moved 0.6% higher to $2,743, tin CMSN3 rose 1% to $30,200 and nickel CMNI3 was up 0.3% at $16,235.

SHFE aluminium SAFcv1 dropped 0.7% to 19,420 yuan a ton, nickel SNIcv1 dipped 0.2% to 128,770 yuan, lead SPBcv1 slid 0.7% to 19,160 yuan, tin SSNcv1 lost 2.4% to 251,980 yuan and zinc SZNcv1 eased 0.3% to 23,355 yuan.


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($1 = 7.2734 Chinese yuan)



Reporting by Siyi Liu and Mei Mei Chu; Editing by Subhranshu Sahu

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