SHANGHAI, May 9 (Reuters) - London copper futures inched up on Wednesday, after hitting two-week lows near $8,000 a tonne in the previous session, ahead of Chinese data this week, which is likely to show the economy of the world's top copper user has bottomed out as inflation slows and output picks up.
But gains may be limited as worries about the impact of political turmoil in Greece and the euro zone debt crisis, which caused a sell off in commodities on Tuesday, persist.
Greece was struggling to form a government several days after elections, raising the risk that a hard-won bailout could be nullified.
Three-month copper on the London Metal Exchange rose 0.3 percent to $8,118.75 a tonne by 0133 GMT, after falling 1 percent on Tuesday.
The most-active August copper contract on the Shanghai Futures Exchange fell 0.5 percent to 57,380 yuan($9,100) a tonne, after edging up 0.1 percent in the previous session.
Greece sank deeper into crisis on Tuesday when the Leftist candidate for prime minister set conditions for a new coalition which the biggest party said would destroy the country.
European central bankers pushed back on Tuesday against pressure to do more to shore up the euro zone, placing the threshold for fresh policy action a lot higher than market jitters over Greece's inconclusive election.
On a more positive note, German industry output shot up far more than expected in March after a weak winter, lifting hopes Europe's biggest economy will gather steam this year and highlighting its economic divergence with much of the rest of the euro zone.
Also, France's Socialist president-elect Francois Hollande may use a summer audit of state finances to water down his generous campaign promises rather than risk a backlash from financial markets against stubbornly high deficits and rising debt.
Investors are eyeing key data from China this week, including figures for trade, inflation and industrial output.
In industry news, the LME has received a number of detailed proposals from a short-list of bidders regarding a potential acquisition of the exchange, it said on Tuesday.
Asian shares fell and the euro stayed pressured on Wednesday, as political uncertainty continued to surround leadership changes in Greece and French.
The euro fell for a seventh straight session against the dollar on Tuesday.
0600 Germany trade data for March
1100 U.S. Mortgage market index
1400 U.S. Wholesale inventories March
Base metals prices at 0133 GMT
Metal Last Change Pct Move YTD pct chg
LME Cu 8118.75 23.75 +0.29 6.83
SHFE CU FUT AUG2 57380 -270 -0.47 3.15
LME Alum 2062.75 5.75 +0.28 2.12
SHFE AL FUT AUG2 16165 -75 -0.46 2.05
HG COPPER JUL2 368.75 1.00 +0.27 7.32
LME Zinc 1985.00 10.00 +0.51 7.59
SHFE ZN FUT AUG2 15415 -50 -0.32 4.19
LME Nickel 17400.00 45.00 +0.26 -7.00
LME Lead 2090.00 0.00 +0.00 2.70
SHFE PB FUT 15700 -5 -0.03 2.68
LME Tin 21400.00 -100.00 -0.47 11.46
LME/Shanghai arb 2364
Shanghai and COMEX contracts show most active months
^ LME 3-m copper in yuan, including 17 pct VAT, minus SHFE third month
($1 = 6.3080 Chinese yuan)