CORRECTED-METALS-Copper prices dip in London, but China data, Fed optimism cap downside

By Lucas Liew

Sept 3 (Reuters) - London copper prices edged lower on Wednesday, retreating after hitting their highest point in more than five months, although upbeat Chinese economic data and optimism over U.S. rate cuts helped limit the decline.

Three-month copper on the London Metal Exchange CMCU3 was down 0.12% at $9,969, as of 0418 GMT. The contract hit its highest level since March at the start of trading, which was delayed by 90 minutes in Asia on Wednesday. It was not immediately clear what caused the delay.

The most-traded copper contract on the Shanghai Futures Exchange SCFcv1 rose 0.5% to 80,180 yuan ($11,209.44) a ton.

Surveys of purchasing managers in China's manufacturing sector showing expansion in August on the back of new orders indicated healthier demand prospects for industrial metals.

Among other London metals, aluminium CMAL3 lost 0.27% to $2,612 a ton, tin CMSN3 fell 0.27% to $34,640, zinc CMZN3 eased 0.14% to $2,861, and lead CMPB3 was down 0.05% at 1,993, while nickel CMNI3 edged up 0.02% to $15,235.

SHFE aluminium SAFcv1 edged up 0.14% to 20,745 yuan, lead SPBcv1 strengthened 0.06% to 16,885 yuan, and zinc SZNcv1 climbed 0.11% to 22,290 yuan, while nickel SNIcv1 eased 1.32% to 121,530 yuan and tin SSNcv1 lost 0.64% to 272,600 yuan.

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