Shanghai Futures Exchange copper was little changed at 40,480 yuan ($6,519) a tonne on Friday as a seasonal demand lull and concerns over China's stockmarket stability kept risk appetite in check. "There's still a lot of uncertainty around the Chinese macro data that came out this week. It initially looked positive but as the details emerged, it didn't seem like there was a lot of good news for commodities," said strategist Daniel Hynes of ANZ in Sydney.
"Fundamentally August is a weak month for demand. I think focus will shift back to the US economy and the dollar," he said. China's economy grew an annual 7 percent in the second quarter, beating analysts' forecasts, although its volatile stock markets stood as a reminder of the threats to Beijing's efforts to direct the economy out of a slowdown. China stocks rose on Friday, with a key futures contract on the CSI300 Index set for delivery by the close of business finally rising above the level of its benchmark.
But the country's index futures traders are betting jittery markets will fall further even as Beijing tries to prop them up, making the futures markets a key battleground in its campaign to restore market confidence.