* Shanghai copper off 2012 lows of 52,330 yuan * G7 finance chiefs to hold emergency call over euro zone * U.S. ISM Non-Manufacturing PMI for May due at 1400 GMT By Carrie Ho SHANGHAI, June 5 (Reuters) - Shanghai copper rose on Tuesday after hitting its lowest level this year in the previous session, buoyed by hopes that policymakers from the Group of Seven leading industrialised nations will take action to ease the euro zone debt crisis. The last-minute talks underlined the heightened global alarm about strains in the euro zone, which is darkening the outlook for the global economy and industrial metal demand. The euro and equities clawed back from heavy losses as many investors paused their selling of riskier assets ahead of an emergency conference call among G7 finance chiefs. The most-active September copper contract on the Shanghai Futures Exchange rose 1.3 percent to 53,470 yuan ($8,400) a tonne, after hitting a 2012 low of 52,330 yuan on Monday. The COMEX benchmark July contract moved up 0.7 percent to $3.3310 per lb ($7,343.58 a tonne). London copper was not traded as the London Metals Exchange is closed for a public holiday on Tuesday. "The G7 conference call gave the markets a chance to pause after yesterday's selloff. The shorts are waiting to see if the politicians can offer some indication that they are on the right track in managing the euro zone," said a Shanghai-based trader. Another Shanghai-based trader said copper was rebounding after Monday's drop in prices. "I'm not sure if the G7 talks will produce any concrete decision to calm the markets but I do think copper was oversold yesterday based on fears over the global economy," the trader said. Many investors hope the G7 leaders will give some indication that euro zone countries are moving towards more fiscal integration, particularly in the form of a region-wide deposit guarantee scheme. Europe's ailing finances have triggered a broadbased sell-off in riskier assets, with copper also hit by the decline in economic growth in top industrial metals consumer China. In the United States, where gloomy jobs data helped trigger a commodities rout on Monday, April data showed that demand slipped for everything from cars and machinery to computers for the third time in four months, the latest worrisome sign for the world's largest economy. Some traders, however, said the disappointing data may nudge politicians to embark on measures to stimulate their economies. "Many investors believe that given how bad the global economy seems to be, new quantitative easing and stimulus measures are increasingly in the cards in the U.S., euro zone and China," said one trader. Base metals prices at 0414 GMT Metal Last Change Pct Move YTD pct chg SHFE CU FUT SEP2 53470 700 +1.33 -3.88 SHFE AL FUT SEP2 15950 85 +0.54 0.69 HG COPPER JUL2 333.10 2.40 +0.73 -3.06 SHFE ZN FUT SEP2 14685 135 +0.93 -0.74 SHFE PB FUT 15010 125 +0.84 -1.83 Shanghai and COMEX contracts show most active months ($1 = 6.3645 Chinese yuan)

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