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London copper edged up on Friday, recovering from a 2.4 percent fall in the previous session as the US dollar pulled back from a more than three-month high hit the previous day. A slew of US economic indicators released on Thursday painted a mixed picture, pointing to a steady economic recovery but a struggling labour market.
Factory activity in the US mid-Atlantic region hit a 4-1/2-year high in December and a gauge of future economic conditions rose last month, but the number of people filing jobless claims last week rose unexpectedly. Shanghai's benchmark third-month copper futures contract fell 0.6 percent to 55,340 yuan a tonne by the midday close, but remains on course for 2 percent weekly rise.
Three-month copper on the London Metal Exchange gained $35 to $6,905 a tonne by 0348 GMT, heading for a 1 percent weekly rise. "Shanghai copper is quite resilient, as there is strong support for prices at 55,000 yuan," said Zhu Yanzhong, an analyst at Jinrui Futures.

Copyright Reuters, 2009

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