By Glenys Sim June 10 (Bloomberg) -- Copper reversed losses in Asian trading on optimism that China’s demand remains intact after the country’s economic data beat expectations and domestic cash prices climbed for a second day. Three-month copper on the London Metal Exchange gained as much as 0.2 percent to $6,349.75 a metric ton, reversing an earlier 1.9 percent drop, and traded at $6,347 at 2:15 p.m. in Singapore. Futures in Shanghai gained as much as 1.1 percent to 50,940 yuan ($7,459) a ton, reversing losses of as much as 0.9 percent earlier. China’s property prices rose at the second-fastest pace on record in May, showing little sign that the government crackdown on speculation is working. The world’s largest metals user also reported a surge in the country’s exports last month, signaling Europe’s fiscal crisis isn’t yet weighing on growth. “China’s economic data is still looking good and this is providing the bulls with ammunition,” Yang Jun, an analyst at Hongyuan Futures Co., said from Beijing today. “Copper imports were still high last month but there is optimism China’s demand will be able to absorb the increase in supplies.” China’s imports of copper and products were 396,712 tons in May, the customs office said today. That’s 9.1 percent less than the 436,350 tons in April and 6.1 percent below the 422,670 tons a year earlier, according to Bloomberg calculations. Cash prices, which fell to less than 50,000 yuan a ton on June 8 for the first time since October, rose for a second day to trade at about 50,785 yuan today in Changjiang, Shanghai’s biggest cash market. Higher near-term prices than longer-dated contracts suggest higher short-term demand. ‘Robust Consumption’ “This year’s consumption has been robust, considering there hasn’t been help from government stimulus spending or stockpiling,” said Yang. “Many investors are expecting this to continue in the second half as long as Europe’s crisis doesn’t worsen dramatically.” Japan’s economy grew at an annualized 5 percent rate in the three months ended March 31, faster than the 4.9 percent reported last month, the Cabinet Office said today. The median estimate of 18 economists surveyed by Bloomberg was for 4.2 percent. In Australia, employers added workers in May for a third straight month. Zinc in London dropped 0.5 percent to $1,744.50 a ton, lead was little changed at $1,678 a ton and nickel gained 0.2 percent to $19,300 a ton. Aluminum gained 0.5 percent to $1,938 a ton, while tin added 0.5 percent to $16,410 a ton. --Editors: Ravil Shirodkar, Matthew Oakley. To contact the reporter for this story: Glenys Sim in Singapore at gsim4@bloomberg.net To contact the editor responsible for this story: James Poole at jpoole4@bloomberg.net

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