The most traded January copper contract on the Shanghai Futures Exchange climbed 0.79 percent to close at 52,240 yuan ($8,600) a tonne on Friday, having hit its highest in more than a week at 52,290 yuan after a strong Chinese manufacturing sector survey and was set for its biggest weekly gain in six, underpinned by growing signs of economic stabilisation in the world's top metals consumer.
"For metals, it's most likely 'steady as she goes'," said analyst Joel Crane at Morgan Stanley in Melbourne, adding that global manufacturing was improving at a steady rate, not easing as some had expected. "It's likely put a floor under prices but given we're not getting massive upside (on US, Chinese manufacturing growth), I wouldn't expect prices to significantly increase either on the back of this data."
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