(Adds quotes, updates prices, changes dateline from SYDNEY)
LONDON, May 5 (Reuters) - Copper recovered on Friday from a five-month low as some investors regarded the lower prices as good value and others locked in profits from the recent slide ahead of U.S. jobs data.
Copper shed about 6 percent from Tuesday's peak to Thursday's five-month low as inventories in London Metal Exchange warehouses surged, fuelling worries about demand.
"A bit of bargain hunting seems to be coming through given the extent of the falls, a bit of caution ahead of the job numbers coming out of the U.S. and maybe a feeling that things got a bit overdone on the downside just as they did when we were rallying," said Robin Bhar, head of metals research at Societe Generale in London.
"A few cracks may be appearing, but I don't think these are long-lasting. I think we'll hold these key support levels around current prices and look to consolidate after this week's sharp falls."
* COPPER: Three-month copper on the London Metal Exchange had gained 0.4 percent to $5,567.50 a tonne by 1005 GMT. In the previous session, copper hit $5,494, the lowest since Jan. 4.
* LME STOCKS: Inventories in London Metal Exchange (LME) warehouses climbed by another 36,800 tonnes, exchange data showed on Friday, bringing this week's surge to 40 percent.
"I don't think it's new material, it's metal washing around in the system. Probably some relocation from China as the exports in the March trade data picked up quite considerably," Bhar said.
* ALUMINIUM: LME price of the metal that needs huge amounts of energy to produce rose 0.3 percent to $1,919, helped by a bounce in oil prices, which had hit five-month lows.
"This oil move (lower) might just tip the scales on the aluminium price... it should mean enough to bring the sellers to the bearish party," Matt France, head of institutional metals sales in Asia for broker Marex Spectron, said in note.
NICKEL: LME nickel slipped 0.6 percent to $8,960 a tonne while nickel on the Shanghai Metal Exchange dropped 3.3 percent to its lowest price in almost a year.
* PHILIPPINES: Investors have been worried about additional nickel supply coming from the Philippines after the removal of the country's environment minister, who led a crackdown on mining.
*ZINC: The LME price of the metal mainly used for galvanising steel added 0.4 percent to $2,578 despite further losses in steel and iron ore prices.
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Three month LME copper
Most active ShFE copper
Three month LME aluminium
Most active ShFE aluminium
Three month LME zinc
Most active ShFE zinc
Three month LME lead
Most active ShFE lead
Three month LME nickel
Most active ShFE nickel
Three month LME tin
Most active ShFE tin
ARBS ($1 = 6.8971 Chinese yuan)
(Reporting by Eric Onstad; Editing by Ken Ferris)