Copper rose nearly 5 cents on Friday as a report that stockpiles diminished raised expectations that demand is growing.

Copper inventories monitored on the London Metal Exchange fell 1.1 percent or 1,450 metric tons from Thursday settling at 124,950 metric tons.

In China, inventories of the red metal monitored on the Shanghai Futures Exchange fell 2.3 percent this week, their lowest level since February 14.

Futures for July rose 4.75 cents or 1.33 percent to $3.6060 a pound on the Comex division of the New York Mercantile Exchange.

Analysts speculated the rise was triggered by purchases from investors who benefited on cheaper prices after the metal slumped on Thursday to a two-month low of $3.5505 a pound.

The U.S. currency declined after the euro rose 0.23 percent to $1.5556 against the dollar by 3:23 p.m. in New York.

Copper prices were trading down $206 or 2.52 percent to $7,963 a metric ton on the London Metal Exchange today.