Shanghai Futures Exchange copper pared losses to close down 0.9 percent at 48,280 yuan ($6,999) a tonne on Friday as a stronger dollar overwhelmed ongoing supply disruptions and evidence of improving demand. Other SHFE metals also cut losses. Shanghai zinc declined 1.9 percent, while Shanghai aluminium ended down 0.2 percent and lead ended down 1.4 percent.
Meanwhile any signs that China was preparing to commence a monetary policy tightening phase this year would weigh on commodities markets, and may have contributed to profit-taking in the sector this week, said ANZ analyst Dan Hynes in Sydney.
China's leaders begin a 10-day meeting of the National People's Congress on Sunday that will set future policy tones.
One possibility could be that Chinese policymakers will replace a quantitative target with a general statement like "keeping credit growth at a reasonable range," ANZ said in a report.
"For commodity markets, the lowering of the targeted growth of M2 money supply could be construed as China commencing a tightening."
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