Copper closed higher on the London Metal Exchange (LME) on Friday, as confidence built after sharp early-week selling, despite moves by top commodity consumer China to slow economic growth, dealers said.
Commodity markets rallied in early trade, with gold gaining over 3 percent and oil climbing back over $70 a barrel, but later retreated after China's central bank said it will raise bank reserve requirements by half a percentage point, tightening money supply and slowing credit growth.
Base metals weathered the news better with copper at $7,060 a tonne at the close of trade, up $70 from Thursday's kerb close.
"There was a lot of selling earlier this week, but we may have seen the last of the distressed liquidation for a while. The week has closed out in a fairly confident mode and we will probably see a bit of sideways trading," a dealer said.
"It has been quiet today - the World Cup has been on people's minds and they probably prefer to think of that than the maulings they suffered earlier in the week."
Supply concerns eased slightly after Grupo Mexico said it may be able to resolve drawn-out strikes at its copper mines, but in Chile, workers at BHP Billiton's Escondida minesr, will vote on a package of contract demands to present to management.
Aluminium softened to $2,550 at the close compared to $2,570.
"Aluminium is looking for fresh direction. Technically it looks weaker and there is nothing in the fundamentals that suggest it should go higher," Bache FInancial minerals strategist Angus MacMillan said.
"There is some consumer interest at the lower numbers, which is hardly surprising, but producer forward selling is capping any moves higher," he said.
Nickel traded at $19,125 against $18,900.
Zinc was at $3,075 against $3,070 but lead lost $3 at $962.
Tin fell to $7,800 versus $7,950.
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