SINGAPORE, May 14 (Reuters) - London copper futures edged higher on Monday, bouncing back from the previous session's loss, after top consumer China cut its bank reserve requirement ratio for a third time in six months to boost a slowing economy.
Three-month copper on the London Metal Exchange gained 0.6 percent to $8,061 per tonne by 0106 GMT after losing more than 1 percent on Friday and falling for a second consecutive week.
The most-traded August copper contract on the Shanghai Futures Exchange was up 0.2 percent at 57,480 yuan ($9,100) per tonne.
China's central bank cut the amount of cash that banks are required to hold as reserves on Saturday, freeing an estimated 400 billion yuan ($63.4 billion) for lending after a recent spate of data showed its economy slowed further with the weakest first-quarter growth in nearly three years.
Some analysts said China should have cut bank reserves after first-quarter data, and that releasing the data over the weekend may reduce the impact with the world's No.2 economy becoming more vulnerable to global weakness.
China's production of refined copper fell 3.7 percent in April from March, data from the National Bureau of Statistics showed on Friday, indicating the impact of weaker-than-expected domestic demand on smelter operating rates.
In Greece, political leaders ignored a final plea from the president to form a coalition government to avert a repeat election, pushing Athens closer to bankruptcy and a possible exit from the euro zone.
Indonesia plans to introduce new quotas to limit mineral exports, and a 20 percent duty on mineral exports by certain companies.
Asian shares eased on Monday as investors saw more reasons to cut risk after talks in Greece to form a new government failed, a German vote pointed to growing opposition to austerity steps, and China took further steps to support growth.
U.S. crude prices dropped below $96 per barrel on Monday, pressured by China's slowing economy, the increasing likelihood of a Greek exit from the euro zone, and Saudi's call for higher oil stock levels.
0900 EZ Industrial production yy Mar
China FDI (ytd) May
Base metals prices at 0106 GMT
Metal Last Change Pct Move YTD pct chg
LME Cu 8061.00 48.00 +0.60 6.07
SHFE CU FUT AUG2 57480 140 +0.24 3.83
HG COPPER JUL2 366.20 1.40 +0.38 6.58
LME Alum 2052.00 7.00 +0.34 1.58
SHFE AL FUT AUG2 16110 45 +0.28 1.67
LME Zinc 1950.00 2.00 +0.10 5.69
SHFE ZN FUT AUG2 15195 80 +0.53 2.70
LME Nickel 17300.00 105.00 +0.61 -7.54
LME Lead 2085.00 13.00 +0.63 2.46
SHFE PB FUT 15700.00 100.00 +0.64 2.72
LME Tin 20450.00 -25.00 -0.12 6.51
LME/Shanghai arb^ 1873
Shanghai and COMEX contracts show most active months
^ LME 3-month copper in yuan, including 17 pct VAT, minus SHFE third month
($1 = 6.3106 Chinese yuan)