MELBOURNE, March 2 (Reuters) - LONDON (Dow Jones) - LONDON (Dow Jones) - London copper futures hit a nearly two-month high on Monday,

    China on Saturday cut interest rates to support economic growth; HSBC announced in February China's manufacturing purchasing managers' index (PMI) data show that economic growth there are some worrying signs.

    The latest HSBC China manufacturing PMI rebounded to a seven-month high in February, coinciding with the official PMI over the weekend. China's economy improved during the Lunar New Year, but the deterioration in new export orders also reflects uncertainties in external demand. It's fragile.

    UBS Wealth Management in Hong Kong analyst Dominic Schnider that China cut interest rates or suggesting that their economy is not how good.

    "The message from China is that we will [prevent] a hard landing and make sure the situation is still favorable, but we are not trying to boost the economy .... The copper market is more propelled by the supply side, and we do not think demand has recovered. "

    UBS will be 12 months after the copper price forecast from 5,500 US dollars per ton raised to 6,700 US dollars, that the challenges of rising copper supply.

    0740 GMT, the London Metal Exchange (LME) three-month copper rose 0.9 percent to 5,947 US dollars per ton, earlier rose to 5,960 US dollars, the highest since January 13.

    Shanghai Futures Exchange, the most actively traded May contract touched 43,280 yuan, also the highest since January 13, closing up 1.2 percent, to 43,200 yuan.

    In the week ended Feb. 24, hedge funds and asset managers nearly closed copper shorts and put options, according to the Commodity Futures Trading Commission (CFTC).

    LME zinc, aluminum and lead were up about 1%.