Base metals fell as demand concerns offset firm equities.  Industrial metals rose early on Friday but there is still a strong fear about recession.   

A strong close for U.S. equities on Thursday, with the Dow Jones industrial average .DJI up more than 4 percent, helped underpin stock markets in Europe and Asia.

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London Metal Exchange copper jumped as high as 6.4% to $4,960 a tonne and by mid-session any early gains dropped and copper closed on Thursday at $4,650.  The continued sentiment is that of copper having more room to fall.

Although copper is the most dangerous metal to sell off as a hiccup in the form of supply disruptions always tend to happen in copper — it is a bit tricky that one,” an LME trader said. 

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Inventories in LME-warehouses are more than double what they were in May and translate into about 4 days of global consumption.  Shanghai Futures Exchange inventories jumped 35 percent.

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