Copper ended easier Friday, surrendering early gains alongside a back-pedalling euro, while traders assessed mixed supply/demand fundamentals amid a surprisingly strong summer rally.
Despite posting a third consecutive negative close, copper still managed to eke out a mild gain for the week - its fourth straight - as investors betting on a second-half demand revival in China and a lower global supply base continued to add exposure even as macro-economic fears from debt issues in Europe and the United States persisted.
"I'm not surprised to see prices pulling off a little bit considering the data yesterday," said Catherine Virga, senior base metals analyst with CPM Group in New York, referring to a Thursday report showing China's factory sector shrank for the first time in a year in July.
In New York, the key September COMEX contract settled up 2.65 cents at $4.41 per lb, near the upper end of its $4.3750 to $4.4260 session range.
Prices in both markets are up about 14 percent from their May lows and stand just 5 percent away from their mid-February peaks, at $10,190 and $4.63.
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