The most-traded November copper contract on the Shanghai Futures Exchange climbed 0.80 percent to 50,580 yuan ($8,200) a tonne on Tuesday but steady buying from top consumer China kept a floor under prices. China's central bank removed controls on bank lending rates, effective Saturday, in a move which was seen as signalling the new leadership's determination to push market-oriented reforms and helped to fuel a rally on Monday.
"It's more symbolic than having a real impact ... but sentiment-wise it did have impact," said analyst Dominic Schnider at UBS Wealth Management in Singapore. "Still, the underlying story hasn't changed. It's a sell-the-rallies market because in the second half we don't expect a re-acceleration of China and instead we may be facing disappointment."