Shanghai copper futures increased slightly Friday from the previous day, primarily due to concern over slowing demand in China.

The most-traded copper contract on the Shanghai Futures Exchange (SHFE), for July delivery, closed at 45,110 yuan ($7,280) per ton Friday, up 130 yuan from Thursday. A total of 153,804 lots changed hands Friday, 49,744 fewer lots than on the previous trading day. The July contract lost 1.79 percent for the week.

The benchmark three-month copper contract on the London Metal Exchange (LME) closed at $6,167 per ton Friday, compared with $6,248 a ton Thursday.

China's refined copper consumption totaled 8.72 million tons in 2014, up 6.3 percent compared with 2013, according to a report from Pakistan-based Business Recorder Friday. Overall copper consumption will remain robust this year due to strong demand from China. However, demand is likely to slow in the fourth quarter of this year or the first quarter of next year, the report said.

Chinese manufacturing activity contracted for the third straight month in May, Reuters reported Thursday, citing a private survey. The flash Purchasing Managers' Index (PMI) climbed slightly to 49.1 from 48.9 in April, according to HSBC Thursday.

"The fact that the PMI is higher than the previous number suggests that going forward we can expect some improvement in the Chinese economy and that's supportive of metals prices," Reuters reported Thursday, citing Daniel Ang, an analyst from Phillip Futures.

"Base metals seemed unperturbed by the sub-50 print in May's flash PMI for China," according to a research note sent to the Global Times Friday by ANZ Banking Group.

"However the weaker US dollar has been supportive for the sector. Copper prices were pushed higher by a drawdown in inventory on the LME. Stocks are on course to record the biggest weekly fall in nine months," the note said.

Global Times