Shanghai futures jumped more than 3 percent on Friday as investors shrugged off another bank reserve requirement hike in China. The most-active July copper contract on the Shanghai Futures Exchange jumped 3.5 percent to 66,450 yuan, catching up with overnight gains in London.
"This is a technical rebound but it won't take prices too far. I think LME prices will move within a range centred around $8,700. I don't think we'll see prices move beyond $9,500 in this cycle," said a Singapore-based trader.