MELBOURNE: Shanghai Futures Exchange copper eased 0.1 percent to 36,620 yuan ($5,483) on Friday.

Traders said evidence of consumer buying could be seen in China premiums for copper and nickel that have this week climbed off their lows, while the gap between local and international prices has also narrowed, making imports more attractive.

The seasonal uplift comes as copper prices drag along a cyclical bottom where investors increasingly view prices as attractive, despite expectations of a surplus this year.

“I’m nibbling on the long side - it’s a medium- to long-term view,” said chief investment officer Jonathan Barratt of Ayers Alliance in Sydney.

“At the end of the day there is no reason to chase the market, unless you start to get China picking up a bit more aggressively.”—Reuters