Copper futures climbed toward $6.2 per pound on Friday and were on track for a weekly gain as traders scaled back bets for Federal Reserve interest rate hikes following softer-than-expected US employment data.
The US economy added far fewer jobs in June than forecast, leading markets to price in only about a 50% chance of a Fed rate increase in September, down from roughly 67% before the report.
Industrial metals had faced pressure in recent weeks as Federal Reserve officials signaled a greater willingness to tighten monetary policy, weighing on the outlook for metals demand.
Easing supply risks as commercial traffic though the crucial Strait of Hormuz improved also weighed on prices.