METALS-Copper rebounds on equity bounce, Japan worries persist

* Workers ordered to leave Japan's Fukushima plant

* Nikkei rebounds, up around 4 pct, after steep decline

* Coming up: Euro zone inflation; 1000 GMT

(Adds details, comments; updates prices)

By Rujun Shen

SINGAPORE, March 16 (Reuters) - Copper prices rebounded on Wednesday as Asian financial markets rallied, led by a jump in Tokyo stocks, but news of nother fire at a quake-damaged nuclear plant in Japan and fears of more radiation leaks kept investors on edge.

Workers were ordered to withdraw from the stricken nuclear power plant after radiation levels rose, a development that suggested the crisis was spiralling out of control.

"Metals remain vulnerable to news of new problems in the nuclear reactor ncident in Japan, despite this morning's rebound," said David Thurtell, Global ead of Base Metal Research with Citigroup.

He added that LME copper appeared well supported at $9,000 level. Priced dipped below the mark in two of the past four sessions, but managed to close above $9,000 each time.

Three-month copper on the London Metal Exchange gained 0.7 percent at $9,185.50 a tonne by 0315 GMT, recovering from a three-month low of $8,944.5 hit in the previous session. Shanghai's most active copper futures contract rose by 1.3 percent to 69,500 yuan ($10,574).

"The market is in hemorrhage in the short term," said Zhou Jie, an analyst at Shanghai CIFCO Futures. "Even though if we look at the long term, the rebuilding of Japan will need a lot of metals."

Economists have lowered economic growth figures for Japan and said the earthquake could cost billions of dollars of economic loss, but reconstruction effort will be a significant boost in the second half of the year.

Asian financial markets rallied on Wednesday, with Tokyo stocks rebounding nearly 4.5 percent after a steep two-day sell-off on Japan's killer earthquake and unfolding nuclear crisis. Asian markets also received a filip from U.S. stocks, which closed down but off lows as a more upbeat view from the

Federal Reserve helped limit Japan-related losses.

The U.S. Federal Reserve's decision to forge ahead with its $600 billion bond purchase programme and comment that the economic recovery was gaining momentum may also help stabilise sentiment across the financial markets.

Brent crude fell to a three-week low of $107.77, as investors' worry over Japan's unfolding nuclear crisis offset the unrest in the Middle East.

Shanghai zinc edged down nearly half a percent at 17,950 yuan a tonne. LME zinc rose by 1 percent at $2,306.75.

"Some investors believed that zinc has bottomed up," said Zhou of Shanghai CIFCO Futures, adding that some were betting on higher demand for galvanised products from Chinese steel mills if production or logistics is seriously hampered at their Japanese peers.

Base metals prices at 0315 GMT
  Metal              Last       Change   Pct Move YTD pct chg
  LME Cu            9185.50     67.50     +0.74     -4.32
  SHFE CU FUT JUN1    69500       900     +1.31     -3.27
  LME Alum          2512.00     19.00     +0.76      1.70
  SHFE AL FUT MAY1    16480        35     +0.21     -2.14
  HG COPPER MAY1     418.45      0.00     +1.15     -5.74
  LME Zinc          2306.75     24.75     +1.08     -6.00
  SHFE ZN FUT MAY1    17950       -85     -0.47     -7.83
  LME Nickel       25150.00    445.00     +1.80      1.62
  LME Lead          2510.50      5.50     +0.22     -1.55
  LME Tin          28800.00    200.00     +0.70      7.06
  LME/Shanghai arb^          1130
  Dollar/yuan          6.5720 \ 6.5722

Shanghai and COMEX contracts show most active months

^ LME 3-m copper in yuan, including 17 pct VAT, minus SHFE  third month
($1 = 6.572 Chinese yuan)	
	
 (Source: http://af.reuters.com/article/metalsNews/idAFL3E7EG03D20110316)