London copper prices rebounded from five-month lows on Friday, on track for their first weekly gain in eight weeks.
Three-month copper on the London Metal Exchange rose 0.4% to $5,833 a tonne by 0645 GMT. On a weekly basis, it has edged up 0.1%. If this level is retained until the session’s close, it would be the first gain since the week ended April 12.
“As seems to be becoming a pattern, after spending the week under pressure, metals are rallying on what looks to be nothing more than shorts squaring up at the end of the week, and so far on very thin volumes,” said Malcolm Freeman of Kingdom Futures in a note.
The base metals market was also trading in holiday-thinned volume during Asian trading hours. China is on a public holiday for the Dragon Boat Festival, and the Shanghai Futures Exchange is closed as a result.