The most-traded November copper contract on the Shanghai Futures Exchange climbed by 0.4 percent to 50,040 yuan ($8,200) a tonne on Friday as the market supported by signs of stabilisation in global factory sector growth as markets awaited a key labour market report. Factory activity in top metals consumer China was slightly stronger than expected in July, US manufacturing grew at the fastest clip in two years and European factories snapped a run of declining output, offering some support for metals demand.
"If the non farm payrolls surprises on the upside, we could see a further pick-up in copper prices but I think gains might be limited," said analyst Natalie Rampono of ANZ in Melbourne. "Our Chinese economists have highlighted that order books are still pretty slow and the smaller-sized businesses are still struggling with tight credit conditions," she said.
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