LONDON, April 16 (Reuters) - Copper rose on Wednesday, recouping some of the last session's deep losses, on relief that top consumer China posted slightly higher-than-forecast first quarter growth.
China's economy grew 7.4 percent in the first quarter, from a year earlier, pipping forecasts of 7.3 percent.
Other, more commodity-specific, Chinese data was weak, however, with March industrial output and January to March fixed asset investment a shade under estimates.
Also, at 7.4 percent, China growth is at its slowest in 18 months, which has already prompted limited government action. China consumes about 40 percent of the world's copper.
"The result is within the consensus range. Chinese consumption is not going to 'wow' but it won't fall off a cliff. Copper is going to be trading range bound essentially," said Macquarie analyst Vivian Lloyd.
She added: "Gains should be capped by the incoming surplus ... (but) there's very strong support around the $6,400 level, Shanghai Futures Exchange (ShFE) stocks are falling, and Q2 is a big demand quarter."
Three-month copper on the London Metal Exchange had climbed 0.67 percent to $6,583.75 a tonne by 0921 GMT, still consolidating after hitting a 3-1/2 year low last month on China growth and credit concerns.
Helping boost copper, the dollar fell versus a currency basket, making dollar-priced metals cheaper for non-U.S. investors, while share markets made broad gains.
But still limiting gains in the metal was data out Tuesday showing China's money supply grew at the weakest pace in more than a decade in March, another sign of softening momentum.
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The crisis in Ukraine supported nickel, with fears that Western sanctions against Moscow could eventually squeeze supplies from Russia.
But nickel was softer after hitting a 14 month high on Monday, as more investors viewed the Indonesian ban on raw mineral exports as priced in at current levels.
Three-month nickel on the LME fell 0.25 percent to $17,605 a tonne. Nickel rose for an eleventh straight day on Monday to a high of $17,917 a tonne, its strongest since Feb. 19 last year.
Monday's rise had brought gains for the year to 28 percent, after it shed almost 19 percent in 2013.
The Indonesian government banned exports of unprocessed nickel ore in mid-January to force the creation of value-added mineral processing in the country.
