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Copper prices HG-FT ended down but away from their lowest levels Friday, after an initial jolt to the downside sparked by grim U.S. employment figures faded and upon closer inspection of the data offered a few glimmers of hope for the world's largest economy.

Copper for December delivery on the New York Mercantile Exchange's Comex division ended 0.45 of a cent (U.S.) easier at $2.9525 a pound, pulling back up from the low of its $2.9250 to $3.0045 session range.

On the London Metal Exchange, copper for three-month delivery shed $40 to close at $6,490 a tonne, compared with a session low of $6,440.50.

The Labour Department said U.S employers cut a deeper-than-expected 190,000 jobs last month, driving the unemployment rate up to 10.2 per cent, its highest in 26-1/2 years.

“The jobs number was not as bad as initially taken,” said Sterling Smith, an analyst for Country Hedging Inc. in St. Paul, Minn. “Certain parts of the data were not necessarily bad. When you combine them and take a look at the two big jumps we have had in productivity over the last couple of quarters and you look at the number of temporary people being hired, I think we are on the verge of things starting to get better in a noticeable and material way.”

Another optimistic glimmer stemmed from revisions to the August and September data that showed 91,000 fewer jobs were lost that previously reported.

“With the unemployment report, it's really surprising to see what the markets are doing today. It's really based off the revisions of the previous months ... that's what is keeping the stock markets afloat today,” said Bob Haberkorn, senior market strategist with Chicago-based Lind-Waldock.

Global equity markets rebounded on Friday from an initial scare brought on by the grim jobs report. The data raised the likelihood that the U.S. Federal Reserve will need to maintain near-zero benchmark interest rates in order to facilitate cheap borrowing and investment.

Earlier this session, copper benefited from data showing German manufacturing orders rose in September on firmer foreign demand.

Also boosting economic sentiment was an improving outlook from the Organization for Economic Co-operation and Development.

Copper prices have more than doubled this year, driven by strong investment interest, a weak dollar and record imports from China, the world's largest industrial metals consumer.

LME copper stocks continue to rise, however, indicating demand has yet to recover outside China. Latest data showed stocks rose 5,750 tonnes to total 385,575 – their highest since early May.

Copper stocks in warehouses monitored by the Shanghai Futures Exchange rose 1 per cent from a week earlier to 104,275 tonnes, the highest since late April, 2004.

“Fundamentals remain uncertain,” said François Lauras, credit analyst at Moody's. “Demand has been supported by China but ... the Western economies haven't really picked up.”

Aluminum AL-FT ended at $1,910 from $1,925. LME stocks of the metal, used in transport and packaging, eased 3,275 tonnes but remained near record levels at 4.54 million tonnes.

Steel-making ingredient nickel ended at $17,350 from $17,760 while zinc, used to galvanize steel, ended at $2,174 from $2,219.

In industry news, Tata Steel Ltd., the world's No. 8 steel maker by output, said steel sales at its Indian operations rose 38 per cent in October from a year earlier.

Elsewhere, battery material lead ended at $2,250 from $2,340, and tin at $14,750 from $14,950.