The most traded April copper contract on the Shanghai Futures Exchange climbed 1.2 percent to 41,670 yuan ($6,676) a tonne on Friday. "Copper's bounce accompanied a bounce in the oil price. Clearly there is some correlation, so I would say it's more of trading game than a fundamental game," said analyst Joel Crane of Morgan Stanley in Melbourne.
A rise in oil prices tends to trigger copper purchases for buyers of commodity index funds. The copper market is seen as very short, raising the risk of a ferocious short-covering rally. But physical demand is weak ahead of the Lunar New Year in China, with consumers reluctant to stock up and ample supply expected in the world's top user of metals. Most industry sources therefore expect any price strength to prove short-lived ahead of the holiday, which starts on February 19.