* Metals track equities higher after U.S. jobs data * Copper inventories rise for first time since early April. LONDON, May 6 - Copper jumped more than 4 percent on Wednesday as global share price gains, fuelled by a stronger than forecast U.S. private sector employment report, lifted sentiment and offset a hefty increase in inventories. Copper's rise, short-covering and fund buying buoyed tin, which jumped more than 8 percent to its highest in over five months. European equities extended gains in afternoon trade after U.S. private sector job losses slowed much more than expected in April. At 1415 GMT, copper for three month delivery on the London Metal Exchange hit a high of $4,745 a tonne, before easing to $4,690. That compared with Tuesday's close of $4,535. The metal, used extensively in construction, struck a two-week high of $4,750 a tonne on Tuesday as the prospect of stabilisation in the global downturn lifted raw material prices. "It's (jobs data) just one in a long line of more encouraging economic data that has been coming out in the last couple of weeks," said Gayle Berry, an analyst at Barclays Capital. "The main thing is...the change in consensus view towards the economy -- the view that global output may now be starting to pull itself out of the hole it fell into at the end of last year." Copper owes much of its 50 percent rise this year to a fall in inventories and investors believe the material was destined for China, the world's top copper consumer. But copper inventories at LME registered warehouses climbed a hefty 7,225 tonnes to 402,150 tonnes -- the first rise since early April. Analysts and traders said a large chunk of deliveries into LME warehouses in Europe, could be a signal that Chinese demand is easing. In addition, cancelled warrants -- material scheduled for delivery -- fell 71,225 tonnes, down from 79,450 tonnes on Tuesday. "Because the arbitrage halved over the past couple of weeks and physical premiums have come off, maybe we'll see less European metal going into China," said Berry. "But it's hard to read too much into one day's trend." Spreads in cash copper over three-months price indicated a $2 contango -- a discount for the cash material -- versus last week's backwardation premium, indicating an easing in the tightness for nearby delivery. "People who thought it (copper) would go lower yesterday are now buying back," an LME trader said. "But for the short term I think we have reached the top. I don't see it going towards $5,000." HEADWINDS Aluminium gained $28 to $1,570. The lightweight metal is the weakest performer on the London Metal Exchange, little-changed so far this year. "There are a lot of headwinds for aluminium coming from the huge stocks. But producers just aren't cutting enough and in the case of China, they are actually adding," Edward Meir, an analyst at MF Global said. Aluminium stocks have risen more than threefold since mid-September to a record 3.78 million tonnes, and there are few signs the flow of metal into storage is slowing. Battery material lead traded at $1,445 a tonne from $1,415 while tin rose to $13,325 a tonne from $12,500. "We see a lot of hedge fund activity in tin," a second LME trader on the floor said. "There's no real demand or trade." Steelmaking ingredient nickel firmed to $12,401 from Tuesday's $12,000 and zinc rose by $44 to $1,574 a tonne. Metal Prices at 1420 GMT Metal Last Change Percent Move End 2008 Ytd Percent

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