Copper, aluminum and zinc prices all rose steadily after a panic earlier this week that wiped out billions of dollars in market value. Investors are now watching to see whether the action on August 5, which ended with copper hitting its lowest level since March 2024, points to bigger trouble ahead.

Copper rose as much as 1.1% in early trade on Friday before paring gains to $8,889.50 a tonne at 10:28 a.m. Shanghai time. Aluminum was flat and zinc fell 0.1%. Iron ore futures, which have mostly declined since the sell-off on Friday, were down 0.5% in Singapore.

The main headwind for metals markets in recent months has been China, where sluggish manufacturing and a sluggish housing market have dented investor confidence. In addition, there appear to be growing concerns that the US economy could see a hard landing.

After a strong "shake" in the first session of this week, the financial market in general also calmed down in the trading session on August 6, with the Japanese stock market rising sharply and the three key US stock indexes recovering.