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(Adds details, quotes; Updates prices)
SINGAPORE, Sept 4 (Reuters) - London copper prices rose on Wednesday, as a drop to a two-year low in the previous session on weak U.S. manufacturing data encouraged investors to engage in arbitrage trade.
With London prices dropping, investors found it profitable to buy the London copper contract and simultaneously sell the Shanghai copper contract, or what is usually referred to as an open arbitrage window, traders and analysts said.
Three-month copper on the London Metal Exchange rose 0.5% to $5,637 a tonne by 0441 GMT.
The contract dropped to $5,518 a tonne in the previous session, its lowest since May 2017, as weak U.S. economic data stoked global recession fears.
Meanwhile, the most-traded copper contract on the Shanghai Futures Exchange fell as much as 1.5% to a near two-month low at 45,730 yuan ($6,447.38) a tonne, before recovering slightly to be down 0.3% at the midday break.
"More people (in China) import to take the profit. But the arbitrage is not open a lot," said a physical metal trader.
* COPPER PREMIUM: Yangshan copper premiums <SMM-CUYP-CN>, paid on top of LME copper prices to import metal into China, were at $77 a tonne, their highest since November 2018.
* COPPER STOCKS: LME copper canceled warrants, which often indicates physical demand, surged to their highest since September 2018 at 117,900 tonnes. <MCUSTX-TOTAL>
* TRADE WAR: U.S. President Donald Trump on Tuesday warned he would be "tougher" on Beijing in a second term if trade talks dragged on, compounding market fears that ongoing U.S.-China trade disputes could trigger a U.S. recession.
* PRICES: London nickel was almost unchanged, while zinc advanced 0.7% and tin rose 1.8%. Shanghai nickel rose 0.6%, tin increased 3.2% while zinc fell 0.4%.
* LITHIUM: China electric vehicle battery maker CATL has taken a stake in Australia's lithium miner Pilbara Minerals.
* For the top stories in metals and other news, click or
Three month LME copper
Most active ShFE copper
Three month LME aluminum
Most active ShFE aluminum
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 = 7.0928 Chinese yuan renminbi) (Reporting by Mai Nguyen; editing by Richard Pullin and Sriraj Kalluvila)