LONDON, Aug 25 (Reuters) - Copper edged higher in Europe on Wednesday, recovering from the near one-month lows it hit in the previous session after disappointing U.S. housing data, as investors eyed further economic news due later in the session. Growing concerns over the pace of the global economic recovery have weighed on raw materials prices in recent weeks. Base metals like copper may be vulnerable to further losses, analysts said, if data stays weak. "Many market players don't know what to do with all the mixed data we've seen recently," said Commerzbank analyst Daniel Briesemann. "On the base metals markets, many are waiting on the sidelines for some volatility to go out of the market." The world's biggest miner, BHP Billiton (BHP.AX), fired a warning shot to its takeover target Potash Corp (POT.TO) and potential counterbidders, showing off its best half-year profit in two years and a hefty balance sheet. [ID:nSGE67O017] PRICES * Three-month copper CMCU3 on the London Metal Exchange was trading at $7,146 a tonne at 0707 GMT compared with $7,137 at the close on Tuesday. * Aluminium CMAL3 was at $2,029 a tonne from $2,028. DATA/EVENTS * German IFO index for August, 0800 GMT. * U.S. durable goods orders for July, 1230 GMT. * U.S. new home sales for July, 1400 GMT. * U.S. FHFA home price index for June, 1400 GMT. * U.S. July building permit revisions. [ECI/US] [ECI/EURO] [ECI/GB] [M/DIARY] [MTL/DIARY] MARKET NEWS * The dollar gave up some ground versus the euro on Wednesday after touching a six-week high a day before, while the yen pulled back from 15-year highs on the dollar and a nine-year peak on the euro. [FRX/] * Oil bounced from a seven-week low as investors looked for relief in U.S. durable goods and oil inventory reports due later in the day, after fears of a double-dip recession intensified with dismal housing data. [O/R] * Asian stocks fell, with Japan's Nikkei at a 16-month low, as investors sold riskier assets after a spate of worrying U.S. economic data, while the yen slipped from a 15-year high on a report Tokyo was considering weakening its currency. [MKTS/GLOB] * European stocks fell on Wednesday after sharp declines in the previous session, with poor economic numbers raising concerns about the sustainability of economic recovery. [.EU] FUNDAMENTALS * BHP Billiton (BHP.AX) reported a 47 percent rise in second-half profit on Wednesday, in line with analysts' forecasts, after a sharp rebound in iron ore and copper prices. [ID:nBHP] * BHP Billiton chief executive Marius Kloppers vowed on Wednesday not to overpay for Potash Corp (POT.TO), which it is chasing with a $39 billion hostile offer. [ID:nSYA008293] * Three out of four independent and Green MPs who are set to determine the next Australian government said on Wednesday they supported a profits-based tax on mining. [ID:nSYA008292] TECHNICALS * Copper support at $7,105, resistance at $7,290, 14-day RSI at 40.1. * Aluminium support at $2,010, resistance at $2,070, 14-day RSI at 29.6. (Reporting by Jan Harvey; Editing by William Hardy)

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