NEW YORK/LONDON, July 13 (Reuters) - Copper ended higher on Tuesday, bouncing from earlier one-week lows, in sympathy with a two-month high in the euro and rallying U.S. equities, but demand concerns in top-consumer China limited the advance.
"We're barely breaking even today ... weighed down by economic concerns," said Michael Gross, futures analyst with Optionsellers.com in Tampa, Florida.
"China tends to have a bigger impact on copper than any other commodity, and it looks like it is still having an impact today."
Copper for September delivery HGU0 on the COMEX metals division of the New York Mercantile Exchange rose 0.85 cent to finish at $3.0175 per lb, after dealing in a range extending down from $3.0350 to $2.9720, a low dating back to July 7.
On the London Metal Exchange, benchmark copper for three-month delivery CMCU3 ended up $55 at $6,685 a tonne, after touching its own one-week low at $6,560.
Copper's early losses were rooted in weak overseas equity markets, with the key Shanghai Composite .SSEC sinking 1.3 percent after government agencies denied rumors they would relax property market restrictions.
"The Chinese import numbers for metal weren't quite as good as some people had hoped," Daniel Smith, analyst at Standard Chartered said.
"People were also looking for a bit of rebound in the (Chinese) property market and the government might ease back in some of its restrictions – so that hope has faded."
Additional weight stemmed from an overly bearish reaction to Chinese import data, that showed inbound shipments of the metal drop for a third straight month in June.
But sentiment shifted back after the U.S. open, with outside market supports -- notably the euro and equities -- aiding in the turnaround, analysts said. "Copper's purely following the currency," said Randy North, RBC Capital Markets trader, referring to the euro moving to a session high versus the dollar.
A weaker dollar makes industrial metals cheaper for non-U.S. investors. The euro rose to a fresh two-month high on Tuesday as stocks rallied on strong U.S. corporate earnings reports and a solid Greek debt auction eased some concern about Europe's debt crisis.
The fundamental picture offered some support too. Copper stocks were down 2,700 tonnes to 432,550 tonnes, showing a fall of more than 100,000 tonnes since mid-February, when they touched their highest level since October 2003.
A recent rise in canceled warrants -- material earmarked for delivery -- has helped boost sentiment. Copper canceled warrants are at 27,175, according to the latest LME data, up from below 15,000 in mid-April.
Aluminum CMAL3 ended up $23 at $1,995 per tonne. LME stocks for the metal used in transport and packaging eased 6,375 tonnes to a one-year low at 4.38 million tonnes. For a Reuters analysis and story on LME inventories, click:
Nickel CMNI3 climbed $350 to end at $19,550 a tonne and lead CMPB3 rose $41.50 to $1,826. Investors are also keeping close tabs on the lead market, with LME data showing a dominant position controlling between 50-80 percent of cash warrants.
Zinc CMZN3 firmed $9.50 to $1,865 a tonne in LME rings, and tin CMSN3 closed up $475 at $18,000, after hitting a two week high of $18,175 a tonne.