The most traded October copper contract on the Shanghai Futures Exchange slipped by 0.2 percent to 50,330 yuan ($8,200) a tonne on Friday as copper was underpinned on Friday by expanding factory activity in China that heralded a rosier outlook for demand, soothing nerves after an overnight rout on Wall Street.
China's factory sector posted its strongest growth in 18 months in July as new orders surged to multi-month highs, a private survey showed, adding to signs the economy is regaining momentum helped by a spate of stimulus measures.
"Consumption in China is starting to pick up and inventories are starting to draw down I like the look of copper because I think this demand will push us into a deficit sooner than we think," said Jonathan Barratt, chief investment officer at Ayers Alliance Securities in Sydney.