The most-traded September copper contract on the Shanghai Futures Exchange climbed 0.8 percent to 51,320 yuan ($8,300) a tonne on Friday, having hit its highest in six months overnight. Copper is set to forge its biggest weekly climb in nine months, as an upbeat US jobs report fired optimism over economic growth. US employment growth jumped in June and the jobless rate closed in on a six-year low, decisive evidence the economy was growing briskly heading into the second half of the year.
"We've certainly seen some improvement in terms of macro data, (but) at the same time it's a good idea not to get too carried away" said analyst James Glenn of National Australia Bank in Melbourne. Glenn said that China's purchasing manufacturing indexes were good but not stellar, while a budding US housing revival, the upbeat labour data and low exchange stocks of metals such as copper and zinc were underpinning prices. "There is the potential for upside, but prices probably won't move significantly higher," he said.
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