Copper rose more then 6 percent on Friday, as a rebound in global equity markets helped support industrial metals and offset a firmer dollar.

European shares raced more than 2 percent higher in early trade, snapping a three-day losing streak, as mining shares and banks advanced after recent declines.

Asian and U.S. stock markets advanced overnight to help offset a stronger dollar.

By 1040 GMT, copper for three month delivery on the London Metal Exchange rose to $3,780 a tonne, from $3,630 at the close on Thursday and compared with a session high of $3,850.

Adding to the positive sentiment, net profit at Europe's largest copper miner KGHM fell 38 percent on tumbling copper prices but came in ahead of market expectations.

Prices of the metal, used in power and construction, have fallen more than 55 percent since a record high of $8,940 in July.

As economic worries lingered, LME stocks jumped 1,475 tonnes to 274,100 million tonnes -- a reminder of the metal's weakened state of demand.

"The whole world seems to be trading as a derivative of the S&P at the moment," John Reade, a commodity strategist at UBS said. "The surprising late (overnight) rally in the S&P future has suddenly injected a little bit of positivity into asset markets and played a role in lifting commodity markets too."

"I don't know why we saw a bounce yesterday afternoon in U.S. equities...it's probably a technical factor that won't last and I would be surprised if we are not back following equities lower next week," he said.

Analysts' doubts that the rise in base metals will be temporary was helped when GDP data showed that the euro zone plunged into recession in the third quarter.

Aluminium climbed as much as 2 percent to $1,967, and was last at $1,945, from $1,928. The metal, used in transport and packaging, has come under pressure in recent weeks on news of deteriorating car sales from auto makers.

Highlighting poor car sales, European new car registrations suffered their second biggest fall of the year in October, down 14.5 percent, as the credit crunch and worsening economy discouraged people from making such a big household purchase.

Aluminium LME stocks rose 1,075 tonnes to about 1.6 million tonnes.

Nickel was at $11,475 from $11,450 at the close on Thursday, lead at $1,360 from $1,338 and zinc at $1,220 from $1,210.

Tin rose to 3.3 percent to $14,150 from $13,700 but was last at $14,100.

"Very, very, very quiet," said one LME trader. "(Tracking equities) seems to be the consensus, but it's on very small volumes. No fundamentals, nothing."

The big macroeconomic news of the day is the meeting later in the day of the Group of 20 world leaders in Washington to discuss ways to protect the global economy from a repeat of the worst financial crisis in 80 years.

"Words not deeds I suspect will be the main thing to come out," said UBS' Reade. "Ultimately base metals are trading lower because global growth is slowing and I don't see how that is going to change as a result of the G20 meeting."

"We could see base metal prices bottom some time next year but I wouldn't expect them to be bouncing back very quickly."

Metal Prices at 1047 GMT Metal Last Change Pct Move End 2007 Ytd Pct

move LME Cu 3783.00 153.00 +4.21 6670.00 -43.28 SHFE Cu* 30000.00 950.00 +3.27 56880.00 -47.26 LME Alum 1938.00 10.00 +0.52 2403.00 -19.35 SHFE Alu* 13700.00 70.00 +0.51 18180.00 -24.64 COMEX Cu** 164.00 2.50 +1.55 303.05 -45.88 LME Zinc 1214.00 4.00 +0.33 2370.00 -48.78 SHFE Zinc* 9710.00 145.00 +1.52 18950.00 -48.76 LME Nick 11325.00 -125.00 -1.09 26350.00 -57.02 LME Lead 1354.00 54.00 +4.15 2550.00 -46.90 LME Tin 13875.00 175.00 +1.28 16400.00 -15.40 ** 1st contract month for COMEX copper * 3rd contract month for SHFE AL, CU and ZN SHFE ZN began trading on 26/3/07 – Forbes