In an aqueous coating composition comprising an aqueous medium having dispersed therein an unsaturated polycarboxylic acid resin neutralized with a base and a resol-type phenolic resin, an improvement characterized in that said composition further contains a copper compound dispersed in the aqueous medium in an amount of 0.0005 to 5% by weight in terms of copper metal, based on said polycarboxylic acid resin.
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